ZoomMed Inc. (TSX-V: ZMD) has completed a $500,000 loan financing agreement with Persistence Capital Partners II, L.P., a private equity fund managed by Persistence Capital Partners (PCP).
The PCP loan bears interest at 12 % per annum payable on a monthly basis and a set-up fee of $25,000. The loan is repayable under certain conditions on March 31, 2018.
ZoomMed intends to use proceeds to provide working capital to fund operations of the company.
“I am pleased to welcome this new investing partner who believes in ZoomMed’s momentum and its ability to capitalize on the foundations it has built throughout the recent years”, said Yves Marmet, President & CEO of ZoomMed.
ZoomMed builds and operates “ZoomMed’s communication network”, a clinical information exchange platform between physicians and the various other stakeholders of the healthcare sector, such as pharmacists, specialists, pharmaceutical corporations and private insurers. The cornerstone of this network is ZoomMed’s “ZRx Prescriber”, a technological innovative Web application that greatly simplifies the writing of a prescription for the physician. Since it is a stand-alone product, it can easily be integrated to any Electronic Medical Record application (EMR).