MedAvant amends agreement with Laurus, extends maturity date of credit facility

By Devika Patel

Knoxville, Tenn., May 1 - MedAvant Healthcare Solutions amended its loan agreement with Laurus Master Fund, Ltd. to extend the maturity date of the company's revolving credit facility to July 31, according to an 8-K filed Thursday with the Securities and Exchange Commission.

MedAvant arranged the revolver with Laurus in a December 2005 private placement.

In addition, effective April 24, Laurus agreed to fix the overadvance amount available under the facility at $125,000, which provides the company with an additional $100,000 in financing. Laurus also agreed that the overadvance will not trigger an event of default at this time.

In consideration for this extension of additional credit and waiver, the company agreed to pay Laurus $25,000.

Atlanta-based Proxymed, Inc., doing business as MedAvant Healthcare Solutions, is an information technology company that facilitates the exchange of medical claim and clinical information among doctors, hospitals, medical laboratories, pharmacies and insurance payers.

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