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Silicon Valley Bank Provides $15MM to Vericel

March 10, 2016, 07:38 AM
Filed Under: Medical

Vericel Corporation, a leading developer of patient-specific expanded cellular therapies for the treatment of severe diseases and conditions, has entered into a term loan and revolving line of credit agreement with Silicon Valley Bank, providing access to up to $15 million of new capital to the company to be used for general corporate purposes. 

"We are pleased to forge this new partnership with Silicon Valley Bank," said Vericel’s chief financial officer and vice president of corporate development Gerard Michel.  "These loan facilities provide the flexibility, at a low cost of capital, to invest in our key future growth drivers, Epicel and MACI, without diluting our current shareholders.”

Katherine Andersen, Managing Director of Silicon Valley Bank, commented, “We are pleased to partner with Vericel as the company works to expand its portfolio of cell therapy products.  Our aim is to provide Vericel with the right financing tools to advance its product portfolio and position the company to meet its corporate objectives.”

Vericel Corporation is a leader in developing patient-specific expanded cellular therapies for use in the treatment of patients with severe diseases and conditions. 

For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators.

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