BETHESDA, Md.--(BUSINESS WIRE)--
GE Capital’s Healthcare Financial Services business announced today that
it has agented a senior secured credit facility of up to $12.5 million
for Cardiva Medical, Inc. The financing is comprised of a $10 million
term loan and a $2.5 million asset-based revolving loan.
The funds will provide working capital as the company continues to ramp
up the commercialization of its vascular closure product line, which
includes Cardiva Catalyst® and VASCADE®. VASCADE was approved by the FDA
in 2013, and approved for CE marking in 2012. Catalyst II and Catalyst
III were cleared for marketing by the FDA in 2007 and 2009, respectively.
"We realized that we needed a knowledgeable financial partner to fund
our day-to-day capital needs for commercializing VASCADE," said Charles
Maroney, Cardiva Medical’s CEO. “We were impressed by HFS’ deep
knowledge of the healthcare industry and its understanding of the
process involved in bringing medical devices to market.”
Based in Sunnyvale, CA, Cardiva Medical develops and commercializes
vascular closure technology to help the body heal itself following
catheterization procedures. Founded in 2002, it is privately held.
“HFS structured this transaction to provide flexibility that we can draw
on as we continue to expand,” said Cardiva Medical’s CFO Mac Farnsworth.
This is the company’s first financing with GE Capital.
“Because of Cardiva’s commercialization ramp-up, it was important to
structure the financing relationship to grow along with the company,”
said Brett Haring, senior managing director of GE Capital, Healthcare
Financial Services’ Life Sciences division.
About Cardiva Medical, Inc.
Cardiva Medical, Inc. is a medical device company that’s focused on
developing and commercializing innovative vascular closure technology
designed to help the body heal itself following catheterization. The
company’s products include VASCADE, a vascular closure system, and
Catalyst II and Catalyst III, which are designed to aid manual
compression. For more information, go to http://www.cardivamedical.com/.
About GE Capital, Healthcare Financial Services
GE Capital’s Healthcare Financial Services business is one of the most
active capital providers in the U.S. healthcare market, deploying
approximately $9 billion in new commitments to customers via 200+
transactions in 2013. That adds up to more than $70 billion in financing
over the past 10 years.
Customers across 45 healthcare sectors — including senior housing,
hospitals, medical offices, outpatient services, pharmaceuticals and
medical devices — rely on HFS to finance acquisitions, refinance
existing debt, support working capital needs and fund growth
initiatives. With in-depth industry knowledge and expertise, the HFS
team of professionals creates business and financial solutions tailored
to meet the individual needs of its customers. For more information,
or follow company news via Twitter (http://twitter.com/GELendLease).
GE Capital offers consumers and businesses around the globe an array of
financial products and services. For more information, visit www.gecapital.com
or follow company news via Twitter (http://twitter.com/GECapital).
GE (NYSE:GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
GE Capital, Healthcare Financial Services
Maria C. Moreno,
Lisa Tibbitts, 203-956-4582
Mac Farnsworth, 650-388-8555
Source: GE Capital, Healthcare Financial Services