CardioGenesis Corp has announced the establishment of a $2 million lineof credit with Pacific Business Funding, a division of Cupertino National Bank, which expires in August 2002. The funds will be used to finance working capital, future development and general corporate purposes.
CardioGenesis' chief executive, Michael Quinn, said the company has "a strong suite of products and services, and a portfolio of patents and intellectual property that we believe will serve as the platform for us to continue to grow." He added that "it is appropriate to begin a commercial banking relationship at this point, both to add some leverage for the benefit of the shareholders, and to make working capital easily available should it be needed."
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