Compumedics finds funding for order backlog

After a long search, Compumedics (ASX:CMP) has lined up $500,000 in funding to help it deal with a nearly $10 million order backlog.

The company has secured a short-term $400,000 loan-facility from Bibby Financial Services as part of its larger $2.5 million facility and another $100,000 short-term loan from a board member.

Compumedics CEO Dr David Burton said the additional cash should help it process and ship its backlog of sales orders over the next few months.

“After a lengthy period where the company has been actively seeking additional funds, I am pleased we have now largely completed those activities and will be able to completely refocus our energies on clearing the large backlog,” he said.

Compumedics sells products for the diagnosis and monitoring of sleep and neurological disorders.

The company also announced it had secured a $1 million deal to supply long-term EEG monitoring equipment to a US site.

The contract follows similar deals with organisations including the Yale School of Medicine.

Compumedics shares were trading 8.7% higher at $0.075 as of around 1 pm on Friday.