By Lisa Kerner
Erie, Pa., May 2 - Staar Surgical Co. secured a $3 million revolving line of credit with a three-year term from Wells Fargo Bank, according to a company news release.
Proceeds can be used to fund ongoing working capital needs.
"This new line of credit will further strengthen our financial flexibility and resources as we continue to execute our long-term strategy to build our Visian ICL franchise and revive domestic cataract sales growth," president and chief executive officer David Bailey said in the release.
Located in Monrovia, Calif., Staar develops and manufactures minimally invasive ophthalmic products.
| Borrower: | Staar Surgical Co.
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| Issue: | Revolving credit line
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| Amount: | $3 million
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| Maturity: | Three years
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| Lender: | Wells Fargo Bank
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| Announcement date: | May 2
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