Ekso Bionics Enters into a $10 million Term Loan Agreement with Bridge Bank
January 06 2017 - 8:00AM
Ekso Bionics Holdings, Inc. (NASDAQ:EKSO), a robotic exoskeleton
company, today announced that it has entered into a term loan
agreement with Bridge Bank. The agreement provides Ekso
Bionics with up to $10 million of potential borrowing capacity.
The initial term loan of $7 million funded on December 30,
2016. Prior to December 31, 2017, Ekso Bionics has the ability, at
its discretion, to secure an additional $3 million term loan,
provided certain conditions are met.
“We are thrilled to have the support and confidence of a leading
technology and life science lender such as Bridge Bank,” stated
Thomas Looby, chief executive officer of Ekso Bionics. “We are
beginning to see solid traction in both our medical rehabilitation
business - where last year’s FDA clearance is really starting to
make a difference - and our industrial business – where pilot
programs are now transitioning to a scalable business model. This
financing with a partner like Bridge Bank provides capital on
attractive terms that can support the continued growth of our
exoskeleton technology, commercialization, and business
fundamentals.”
“Bridge Bank is excited to be partnering with Ekso Bionics,”
said Rob Lake, senior vice president and head of Bridge Bank's life
sciences group. "I am impressed with the technology and the
momentum at the company, and we are pleased to be a resource to
support Ekso Bionics as it moves forward.”
About Ekso Bionics® Ekso Bionics is a leading
developer of exoskeleton solutions that amplify human potential by
supporting or enhancing strength, endurance and mobility across
medical, industrial and defense applications. Founded in 2005, the
company continues to build upon its unparalleled expertise to
design some of the most cutting-edge, innovative wearable robots
available on the market. Ekso Bionics is the only exoskeleton
company to offer technologies that range from helping those with
paralysis to stand up and walk, to enhancing human capabilities on
job sites across the globe, to providing research for the
advancement of R&D projects intended to benefit U.S. defense
capabilities. The company is headquartered in the Bay Area and is
listed on the Nasdaq Capital Market under the symbol EKSO. For more
information, visit: www.eksobionics.com.
About Ekso™ GT
Ekso™ GT is the first exoskeleton cleared by
the FDA for use with stroke and spinal cord injuries from
L5 to C7. The Ekso GT with smart Variable Assist™ (marketed as
SmartAssist outside the U.S.) software is the only exoskeleton
available for rehabilitation institutions that can provide adaptive
amounts of power to either side of the patient’s body, challenging
the patient as they progress through their continuum of care. The
suit’s patented technology provides the ability to mobilize
patients earlier, more frequently and with a greater number of high
intensity steps. To date, this device has helped patients take more
than 55 million steps in over 120 rehabilitation institutions
around the world.
About Bridge BankBridge Bank is a division of
Western Alliance Bank, Member FDIC, the go-to bank for business in
its growing markets. Bridge Bank was founded in 2001 in Silicon
Valley to offer a better way to bank for small-market and
middle-market businesses across many industries, as well as
emerging technology companies and the private equity community.
Geared to serving both venture-backed and non-venture-backed
companies, Bridge Bank offers a broad scope of financial solutions
including growth capital, equipment and working capital credit
facilities, sustainable energy project finance, venture debt,
treasury management, asset-based lending, SBA and commercial real
estate loans, ESOP finance and a full line of international
products and services. Based in San Jose, Bridge Bank has eight
offices in major markets across the country along with Western
Alliance Bank’s robust national platform of specialized financial
services. Western Alliance Bank is the primary subsidiary of
Phoenix-based Western Alliance Bancorporation, one of the country’s
top-performing banking companies. For more information, visit
www.bridgebank.com.
Forward-Looking Statements Any statements
contained in this press release that do not describe historical
facts may constitute forward-looking statements. Forward-looking
statements may include, without limitation, statements regarding
(i) the plans and objectives of management for future operations,
including plans or objectives relating to the design, development
and commercialization of human exoskeletons, (ii) a projection of
financial results, financial condition, capital expenditures,
capital structure or other financial items, (iii) the Company's
future financial performance and (iv) the assumptions underlying or
relating to any statement described in points (i), (ii) or (iii)
above. Such forward-looking statements are not meant to predict or
guarantee actual results, performance, events or circumstances and
may not be realized because they are based upon the Company's
current projections, plans, objectives, beliefs, expectations,
estimates and assumptions and are subject to a number of risks and
uncertainties and other influences, many of which the Company has
no control over. Actual results and the timing of certain events
and circumstances may differ materially from those described by the
forward-looking statements as a result of these risks and
uncertainties. Factors that may influence or contribute to the
inaccuracy of the forward-looking statements or cause actual
results to differ materially from expected or desired results may
include, without limitation, the Company's inability to obtain
adequate financing to fund the Company's operations and necessary
to develop or enhance our technology, the significant length of
time and resources associated with the development of the Company's
products, the Company's failure to achieve broad market acceptance
of the Company's products, the failure of our sales and marketing
organization or partners to market our products effectively,
adverse results in future clinical studies of the Company's medical
device products, the failure to obtain or maintain patent
protection for the Company's technology, failure to obtain or
maintain regulatory approval to market the Company's medical
devices, lack of product diversification, existing or increased
competition, and the Company's failure to implement the Company's
business plans or strategies. These and other factors are
identified and described in more detail in the Company's filings
with the SEC. To learn more about Ekso Bionics please visit us
at www.eksobionics.com. The Company does not undertake to
update these forward-looking statements.
Media Contact:
Carrie Yamond/Rajni Dhanjani
212-867-1788
cyamond@lazarpartners.com
Investor Contact:
Debbie Kaster
415-937-5403
investors@eksobionics.com
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