Sanomedics receives financing for deals
MIAMI – The medical-technology holding company Sanomedics International Holdings Inc. announced Aug. 26 that it has received $5 million in funding to put toward working capital and the completion of a pair of targeted acquisitions. The financing breaks down to a $3 million revolving line of credit and a $2 million term loan. “This financing is a major step in our success and a further endorsement of the plans we have for the future,” said Keith Houlihan, Sanomedics co-founder and president, in press release. “The proceeds will permit us to move forward in our plans to close our two targeted acquisitions of Prime Time Medical, Inc. and Duke Medical.” Subject to the lender’s due diligence and another commitment agreement, the financing is expected to close by the end of September. HME News earlier reported on these purchases: Prime Time Medical provides home medical equipment from Largo, Fla., and Duke Medical provides products and supplies to people with sleep apnea in the Houston and Galveston, Texas, areas.