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GE Capital HFS Increases Cianna Medical Financing to $12MM

July 15, 2015, 07:08 AM
Filed Under: Medical

GE Capital’s Healthcare Financial Services (HFS) business closed and fully funded a $4 million additional term loan financing to Cianna Medical, Inc., bringing the total venture loan facility to $12 million. The funds will be used to help support the commercialization of its new SAVI SCOUT® surgical guidance system, which is currently being launched.

Founded in 2007, and based in Aliso Viejo, CA, Cianna Medical is a medical device company focused on the treatment of early-stage breast cancer. In late 2014, the company received U.S. Food and Drug Administration (FDA) clearance for SAVI SCOUT, which uses passive non-radioactive electromagnetic wave technology to provide real-time guidance during excisional breast procedures by using a reflector that can be placed in the tissue up to seven days prior to surgery.

“We realized Cianna Medical would need growth capital immediately after the FDA’s approval of the SAVI SCOUT product,” said Brett Haring, senior managing director of life sciences for GE Capital, Healthcare Financial Services. “We’re pleased to be able to help our customer with the funding they need to ramp up their commercialization efforts.”

Cianna Medical develops, manufactures and markets innovative medical technologies that reduce costs, improve quality, and reduce the burden breast cancer treatment places on women and their families. Its SAVI® technologies are FDA-cleared and address unmet needs in the delivery of radiation therapy, tumor localization and surgical guidance.

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