FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Flowonix Completes $40MM Financing With Hercules, Others

November 12, 2014, 07:26 AM
Filed Under: Medical

Flowonix Medical Inc., a medical device company focused on providing advanced, implantable drug delivery solutions, announced that it has obtained debt and equity financing totaling approximately $40 million.

The transaction includes $20 million in equity investment, led by a private equity fund managed by Élevage Capital Management, LLC. The equity investment also included participation from Clarus Ventures and other existing Flowonix investors, as well as new investors including Hercules Technology Growth Capital, Inc. Additionally, the fundraising included $15.0 million in venture term debt financing and an accounts receivable line credit of up to $5 million from Hercules, provided certain conditions are met. Armentum Partners acted as the placement agent for the debt financing.

"Our partners at Armentum were instrumental in this process, with their work leading directly to the completion of this important financing round. Through their efforts, we received an overwhelming response from the lender community, which resulted in term sheets from several highly respected organizations. We ultimately selected Hercules as our lender of choice as a result of their strong reputation, enthusiasm toward the potential of our Prometra System, and proven commitment to supporting the efforts of emerging medical technology companies such as Flowonix," said Lou Altieri, CFO of Flowonix.

The company expects to use the proceeds from this financing to further its investment in sales and marketing infrastructure, new product development and to support the commercial ramp of its Prometra Programmable Infusion Pump System in the chronic pain market.

Chad Norman, Managing Director of Hercules, added, "As we increased our familiarity with the Flowonix story, we have become increasingly enthusiastic toward their technology and its potential in the market. We believe that the Prometra Pump System represents a breakthrough in pump-based drug delivery, and is capable of bringing significant benefit to clinicians and patients alike. We are proud to be a capital provider for Flowonix as the Company ramps its commercial initiatives for this unique, value-added technology solution."

Flowonix Medical Inc., with offices in New Jersey and Massachusetts, is dedicated to working with healthcare professionals to help ease suffering associated with chronic pain and allows patients to reclaim their lives through innovation and therapy advancements.

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.