Silicon Valley Bank puts up $25m credit line for Organogenesis

Organogenesis said today that it entered into a revolving line of credit agreement with Silicon Valley Bank to provide $25 million in new capital to the regenerative medicine company. “The people of Silicon Valley Bank are not only excellent bankers, but what sets them apart is they also understand business,” Organogenesis chief financial officer Tim Cunningham said in prepared remarks. “We at Organogenesis are looking forward to building a strong, long-term relationship.” “Organogenesis is a pioneer in the field of regenerative medicine,” Kevin Longo, director & northeast head of medical device and digital health at Silicon Valley Bank, added. “We’re pleased to work with the Organogenesis team to provide the best financing, connections and global services they need to meet their corporate objectives.” At the end of March this year, Organogenesis acquired NuTech Medical for an undisclosed price. The combined company plans to feature a portfolio of wound care products and surgical biologics. Birmingham, Alabama-based NuTech Medical will keep it’s non-biologics product line as a separate company called NuTech Spine. NuTech’s president & CEO, Howard Walthall, will join Organogenesis as president of the company’s surgical division and senior VP for strategy and development. NuTech has developed amniotic allografts for soft tissue and bone applications, including Affinity, NuShield, NuCel and ReNu. Also in March...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Funding Roundup Regenerative Medicine Wall Street Beat Organogenesis Inc. Source Type: news