Profound Medical (TSX:PRN; NASDAQ:PROF) retired its $12.5-million in principal amount loan with Canadian Imperial Bank of Commerce, maturing July 29, 2022.
“We are pleased to have repaid the CIBC loan almost 30 months ahead of schedule, resulting in total estimated net savings of approximately $900,000 in interest payments,” Aaron Davidson, CFO and SVP of corporate development of Profound, said in a statement.
“Now, with a balance sheet strengthened by our recently completed public financing and this extinguishment of all long-term debt, we believe that we are well positioned to scale the business going forward.”
Profound is a commercial-stage medical device company focused on customizable, incision-free therapies that combine real-time MRI, thermal ultrasound and closed-loop temperature feedback control for the radiation-free ablation of diseased tissue.
