Intraop Medical obtains $3 million in inventory, sales financing

By Jennifer Chiou

New York, Aug. 19 - Intraop Medical Corp. said it entered into a $3 million inventory financing and factoring agreement with EUC Holding and EU Capital Venture, Inc., according to an 8-K filing with the Securities and Exchange Commission.

The Santa Clara, Calif., company will receive the $3 million on a revolving basis to finance the building of Mobetrons and sales contracts.

In return, Intraop will pay EUC Holding interest at 1% per month on the financed inventory and 2% per month on financed sales contracts.

The company also issued EUC Holding a two-year warrant to purchase 576,924 shares of Intraop stock, exercisable at $0.52 per share, and agreed to give EUC piggyback registration rights for the shares.

Intraop develops and markets the Mobetron, a mobile electron beam system for intraoperative radiotherapy treatment of cancer and coronary/vascular restenosis.

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