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Credit Facilities
12 Months Ended
Dec. 31, 2012
Credit Facilities [Abstract]  
Credit Facilities

Note 11Credit Facilities 

Line of Credit

Our loan and security agreement with Silicon Valley Bank (“SVB”) (“the Credit Facility”) for a financing facility up to $15 million expired on October 1, 2012. The Credit Facility bore interest on borrowed funds at the bank’s prime rate plus 1.25% (5.25% in 2012) on outstanding balances.

Loan Agreement

In August 2012, the Company’s subsidiary, NovaMed Pharmaceuticals (Shanghai) Co. Ltd., entered into a loan agreement with Shanghai Pudong Development Bank Co. Ltd. for 12.5 million renminbi (approximately $2.0 million USD). As of December 31, 2012, 9.0 million renminbi (approximately $1.4 million USD) in borrowings were outstanding on the loan. The loan is secured by a $2.3 million letter of credit. The Company is required to maintain $2.3 million of cash in a restricted bank account to secure the letter of credit. The loan bears interest on borrowed funds at 7.5% and expires August 29, 2013. Any amounts borrowed must be repaid by the expiration date.