Positron puts financial house in order
PET camera developer Positron is close to completing two dealsthat will put the Houston-based company back on firm financialfooting. The deals are intended to solve a cash crunch that hasdogged Positron since last November. In the first piece of the
PET camera developer Positron is close to completing two dealsthat will put the Houston-based company back on firm financialfooting. The deals are intended to solve a cash crunch that hasdogged Positron since last November.
In the first piece of the financial puzzle, Positron has secureda $1 million revolving line of credit with Boston Financial &Equity that allows the vendor to borrow up to 80% of its accountsreceivables. The financing will give Positron short-term creditflexibility and will enable the company to finance the constructionof PET scanners as it fulfills customer orders, according to CFODavid Rodrigue.
In addition, Positron plans to place up to 2.3 million sharesof preferred stock with private investors. The company hopes toraise between $2 million and $3.5 million with the offering.
Positron will use the funds for working capital and to bringthe company back into compliance with listing requirements forNASDAQ's national market system. Positron has fallen below NASDAQ's$4 million minimum net worth requirement and its stock will bemoved to NASDAQ's small cap market unless it raises more funds.