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Pacific Mercantile Bank Provides $4MM Credit Facility to SynergEyes

December 07, 2018, 09:00 AM
Filed Under: Healthcare

Pacific Mercantile Bank, the wholly owned subsidiary of Pacific Mercantile Bancorp, announced that it has provided a $4.0 million credit facility to SynergEyes, Inc. consisting of a revolving line of credit and commercial term loan. In addition to the financing, SynergEyes utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services. 

SynergEyes is a high-performance, advanced technology specialty contact lens company focused on independent eye care professionals. SynergEyes prides itself in providing over 10,000 eye care professionals products that deliver exceptional vision to their patients across the globe.  Together with the support of independent eye care professionals, SynergEyes seeks to innovate and offer products and services to help transform vision for patients with astigmatism, presbyopia and irregular cornea conditions. SynergEyes recently launched SimplifEyes 1Day lens, a hydrogel lens manufactured with advanced Tangible Science polymers.  The new lens is accompanied by a software system with a subscription service that helps eye care practices offer online ordering and payment of contact lenses. The software can be practice-branded providing their customers the convenience in ordering and paying online for their SimplifEyes 1 day lenses.

"We have seen significant growth in our business as we have executed on our strategy to expand SynergEyes from a hybrid contact lens company to a specialty contact lens company,” said Carolyn M. Maduza, Chief Financial Officer of SynergEyes, Inc.  “As we continue to expand the business and add to our new line of daily disposable lenses, we looked for a new banking partner that could support our growth.  Pacific Mercantile Bank demonstrated a strong understanding of our business model and was able to provide a customized credit facility that will enable us to pursue the growth opportunities we have in new lines of business and additional markets within the eye care industry.”

“SynergEyes has built a strong position in the eye care market by offering specialty contact lens technologies that weren’t previously available in a daily disposable contact lens,” said Jeremy Schmidt, Vice President and Senior Portfolio Manager at Pacific Mercantile Bank.  “We look forward to being a strategic partner to SynergEyes and helping the company achieve its long-term financial goals.”

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