Alphatec draws remaining $20 million under its Squadron facility

By Rebecca Melvin

New York, April 8 – Alphatec Holdings, Inc. completed a draw of $20 million under its credit facility with Squadron Medical Finance Solutions LLC on April 2, according to a company news release.

The draw represents the remaining amount available under the company’s $30 million facility.

Alphatec said it borrowed the funds to extend its cash runway in response to the Covid-19 pandemic.

The company’s preliminary pro forma cash balance at March 31, including the latest draw, was about $47.5 million.

Alphatec is a Carlsbad, Calif.-based medical device company.

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