Danske Bank Backs CS MEDICA with DKK 1,2 Million Credit Line
Danske Bank has extended a 1,2 million DKK credit line to CS MEDICA, reaffirming its confidence in the company. This funding bolsters CS MEDICA as they await China-backed support, linked to Chinese FDA approval of 3-5 Medical Device products.
CS MEDICA, a global MedTech company specializing in CBD and pain management, is pleased to announce that Danske Bank, Denmark's foremost financial institution, has demonstrated its confidence in CS MEDICA by extending a credit facility of 1,2 million DKK. This endorsement underscores the bank's belief in CS MEDICA's vision and potential within the medical industry.
The credit facility serves as a vital resource for CS MEDICA, offering financial stability as the company awaits crucial funding from China. This funding is contingent upon the Chinese FDA's approval of 3-5 Medical device products and is an integral component of CS MEDICA's existing investment agreement[1], which earmarks a total of 60 million DKK to support the company's expansion and development.
The credit from Danske Bank facilitates payment for product production and timely delivery in response to customer orders. The terms of the credit line are set at market rates. The credit line is set for expiry on the 13th of December 2023. Both founders of CS MEDICA, CEO Lone Henriksen and CFO Gitte Henriksen, have pledged their shares through their private companies and made a self-debtor surety.
Before the credit line expiration, it will undergo reassessment to ensure that CS MEDICA can continue production and fulfill customer orders. This evaluation is crucial in ensuring that the company can uphold its financial commitments and deliver products promptly to meet customer demand.
Lone Henriksen, CEO at CS MEDICA, expresses gratitude for Danske Bank's support and states,
”This credit facility exemplifies Danske Bank's commitment to supporting CS MEDICA's growth and success. It provides us with the financial flexibility we need to operate effectively and finally have the means to pay for our production and expedite product delivery, allowing us to meet our customers' order demands in due time."