Invuity Draws $10 Million Second Tranche of Term Loan
September 27 2017 - 8:00AM
Invuity, Inc. (NASDAQ:IVTY), a leading medical technology company
focused on minimal access surgery, today announced that it has
drawn $10 million in additional borrowings under an amended debt
agreement with MidCap Financial (“MidCap”).
The MidCap facility consists of a $30 million term loan divided
in two tranches. The first tranche of $20 million was funded upon
closing of the original agreement on March 10, 2017. The $10
million second tranche was funded on September 26, 2017. The MidCap
agreement requires the Company to maintain certain minimum net
revenue requirements, which have been adjusted in the amended
agreement.
The MidCap facility also consists of a $10 million revolving
credit facility (revolver) of which $3.5 million was drawn down as
of June 30, 2017. The revolver may be increased to $20
million at a later date at the Company’s request and with approval
from MidCap.
“We appreciate MidCap’s ongoing support of Invuity as we
continue to scale the business,” said Philip Sawyer, Invuity’s
Chief Executive Officer.
About Invuity®
Invuity, Inc. is a leading medical technology company
focused on developing and marketing advanced surgical devices to
improve the ability of physicians to perform minimal access surgery
through smaller and hidden incisions. The company's patented
Intelligent Photonics™ technology delivers enhanced visualization
which facilitates surgical precision, efficiency and safety. In
addition, the company utilizes comprehensive strategic marketing
programs to create stronger institutional partnerships. Clinical
applications include women’s health, encompassing breast cancer and
breast reconstruction surgery, gynecology and thyroid
surgery. Additional applications include procedures for
electrophysiology, spine, orthopedic, cardiothoracic, and general
surgery. Invuity is headquartered in San Francisco,
CA. For more information, visit www.invuity.com.
About MidCap Financial
MidCap Financial is a middle market-focused, specialty finance
firm that provides senior debt solutions to businesses across all
industries. The firm’s years of experience, strong balance sheet,
and flexibility make it a lender of choice for companies across all
stages of growth and complexity.
MidCap Financial’s debt solutions focus in five areas:
- General and Healthcare Asset-Based working capital loans
collateralized by third-party accounts receivable and other
assets;
- Leveraged loans to companies backed by private equity
sponsors;
- Life Sciences loans to VC-backed and public pharmaceutical,
biotech, and medical device companies;
- Real Estate loans on all types of commercial properties,
medical office buildings, various types of senior housing and
skilled nursing properties; and
- Lender Finance term loans or revolvers provided across the
consumer and commercial finance sectors.
Additional information about MidCap Financial can be found
at www.midcapfinancial.com.
CONTACT:
Company Contact:Jim MackanessChief Financial OfficerInvuity,
Inc.415-655-2129
Investors:Mark KlausnerWestwicke
Partners443-213-0501irdept@invuity.com
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