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GE Capital Agents $9MM Credit Facility for USGI Medical

July 23, 2014, 07:36 AM
Filed Under: Medical

GE Capital's Healthcare Financial Services business has agented a senior secured credit facility of up to $9 million for USGI Medical, Inc., a San Clemente, CA-based company that develops endoscopic procedures for obesity and other advanced therapeutic endoscopy applications.

The funds will be used to support additional clinical studies of an incision-less outpatient weight loss procedure. A U.S. pivotal trial assessing the platform for the investigational weight loss indication is already well underway, with enrollment having been completed in June 2014. The funds will also help support the ongoing European post-marketing trials.

"We would like to thank GE Capital for helping us access this new capital that provides us with the financial flexibility we need to expand," said Scott Moonly, CEO of USGI.

"Medical device developers benefit from a lender with in-depth knowledge of the healthcare industry," said Brett Haring, senior managing director of GE Capital, Healthcare Financial Services' Life Sciences division. "We're pleased to help USGI develop its business domestically and internationally."

USGI Medical is committed to the development of technologies to enable incision-less surgery -- the treatment of diseases through the natural passageways of the body. USGI's Incisionless Operating Platform provides surgeons with the operating platform and specialized tools they need to perform surgery through a patient's mouth or other natural orifices, reducing the need for external incisions into the abdomen. 

GE Capital's Healthcare Financial Services (HFS) 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. 

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