-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PV5KI1N4OWZp5s1xQbN0RgIdDIzCUJsO6qYgW0YL20ND8AuGVRhn3uVqkkVbLSlM m/KBmfAAY6dJocwT3UXanA== 0001181431-11-002502.txt : 20110107 0001181431-11-002502.hdr.sgml : 20110107 20110107155905 ACCESSION NUMBER: 0001181431-11-002502 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110104 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Termination of a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110107 DATE AS OF CHANGE: 20110107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NMT MEDICAL INC CENTRAL INDEX KEY: 0001017259 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 954090463 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21001 FILM NUMBER: 11517571 BUSINESS ADDRESS: STREET 1: 27 WORMWOOD STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 6177370930 MAIL ADDRESS: STREET 1: 27 WORMWOOD STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: NITINOL MEDICAL TECHNOLOGIES INC DATE OF NAME CHANGE: 19960619 8-K 1 rrd296004.htm FORM 8-K LSQ FUNDING Prepared By R.R. Donnelley Financial -- Form 8-K
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  01/04/2011
 
NMT Medical, Inc.
(Exact name of registrant as specified in its charter)
 
Commission File Number:  000-21001
 
Delaware
  
95-4090463
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
27 Wormwood Street, Boston, MA 02210-1625
(Address of principal executive offices, including zip code)
 
617-737-0930
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 
Item 1.01.    Entry into a Material Definitive Agreement
 
    On January 4, 2011, NMT Medical, Inc. (the "Registrant") entered into a Factoring and Security Agreement (the "Agreement") with LSQ Funding Group, L.C. ("LSQ").

    The agreement provides for borrowings up to $2 million for working capital and other general corporate purposes. The credit facility has a one-year term and is subject to a borrowing base calculated as a percentage of domestic receivables that are pledged as collateral against the loan.

    The Agreement provides for certain events of default by the Registrant, including payment default, and other customary events of default.

    The obligations of the Registrant are secured by the Registrant's domestic accounts receivable.

 
 
Item 1.02.    Termination of a Material Definitive Agreement
 
    The Registrant also recently terminated a Loan and Security Agreement that it entered into with Silicon Valley Bank on June 26, 2009. The Registrant incurred a de minimis amount of termination costs in connection with the termination of the Loan and Security Agreement. The Registrant did not borrow against the Loan and Security Agreement at any time during the term of the agreement.   
 
 
Item 9.01.    Financial Statements and Exhibits
 
(a) Financial statements:
            None
(b) Pro forma financial information:
            None
(c) Shell company transactions:
            None
(d) Exhibits
            99.1       Press Release of NMT Medical, Inc. dated January 04, 2011
 

 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
           
Richard E. Davis
 
 
Date: January 07, 2011
     
By:
 
/s/    Richard E. Davis
               
Richard E. Davis
               
President and Chief Executive Officer
 
 

 

EXHIBIT INDEX
 
Exhibit No.
  
Description
EX-99.1
  
Press release of NMT Medical, Inc. dated January 4, 2011
EX-99.1 2 rrd296004_33880.htm PRESS RELEASE OF NMT MEDICAL, INC. DATED JANUARY 4, 2011

FOR IMMEDIATE RELEASE

Contact: Richard E. Davis

Chief Executive Officer

NMT Medical, Inc.

(617) 737-0930

red@nmtmedical.com

NMT Medical Announces New $2 Million Credit Facility

BOSTON, Mass., January 06, 2011 - NMT Medical, Inc. (NASDAQ: NMTI) today announced that it has entered into a credit agreement with LSQ Funding Group, L.C., a Florida-based firm that specializes in providing financing to small- and medium-sized businesses.

The asset-based credit facility provides for borrowings up to $2 million for working capital requirements and other general corporate purposes. The credit facility has a one-year term and is subject to a borrowing base calculated as a percentage of domestic accounts receivable that are pledged as collateral against the loan.

Richard E. Davis, NMT's Chairman, President and Chief Executive Officer, said, "This non-equity based credit facility, which replaces the credit arrangement with Silicon Valley Bank that we recently terminated, provides NMT with the necessary working capital required to fund its ongoing operations. We continue to tightly manage our expenses while working closely with the U.S. Food and Drug Administration to evaluate our potential next steps relating to patent foramen ovale (PFO) treatment for the stroke and transient ischemic attack (TIA) indications. In addition, we are continuing to evaluate all strategic options."

 

About NMT Medical, Inc.

NMT Medical is an advanced medical technology company that designs, develops, manufactures and markets proprietary implant technologies that allow interventional cardiologists to treat structural heart disease through minimally invasive, catheter-based procedures. NMT is currently investigating the potential connection between a common heart defect that allows a right-to-left shunt or flow of blood through a defect like a patent foramen ovale (PFO) and brain attacks such as embolic stroke, transient ischemic attacks (TIAs) and migraine headaches. A common right-to-left shunt can allow venous blood, unfiltered and unmanaged by the lungs, to enter the arterial circulation of the brain, possibly triggering a cerebral event or brain attack. More than 34,000 PFOs have been treated globally with NMT's minimally invasive, catheter-based implant technology.

For more information about NMT Medical, please visit www.nmtmedical.com.

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including those relating to the Company's cash position and next steps relating to patent foramen ovale (PFO) treatment for the stroke and transient ischemic attack (TIA) indications, involve known and unknown risks, uncertainties or other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed under the heading "Risk Factors" included in the Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Annual Report on Form 10-K for the year ended December 31, 2009, Quarterly Report on Form 10-Q for the quarter ended September 30, 2010, and subsequent filings with the U.S. Securities and Exchange Commission.

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