WILMINGTON, Mass.--(BUSINESS WIRE)--AdvanSource Biomaterials Corporation (OTC Markets OTCQB: ASNB), a leading developer of advanced polymer materials for a broad range of medical devices, today announced the closing of a debt financing transaction on July 7, 2011. The Company entered into a Commercial Real Estate Promissory Note in the principal amount of $800,000 (the “Note”) with Axiom Partners, LP (“Axiom”). The Note has a two-year term, bears interest at the rate of 15% per annum, provides for monthly interest only payments commencing on August 31, 2011, and a balloon payment of the principal balance of $800,000, plus any accrued and unpaid interest, on July 8, 2013. The Note is secured by the Company’s land and building pursuant to the terms and conditions of the Note and a mortgage in favor of Axiom. The Company was funded in the amount of $768,000, net of certain transaction costs, on July 8, 2011.
