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SVB, MidCap Financial Expand Vericel’s Credit Facility to $20MM

September 13, 2016, 07:36 AM
Filed Under: Medical

Vericel Corporation, a leading developer of autologous expanded cellular therapies for the treatment of severe diseases and conditions, announced that it entered into an expanded term loan and revolving line of credit agreement with Silicon Valley Bank and MidCap Financial Services (MidCap Financial), providing access to up to $20 million of capital to the company to be used for general corporate purposes. As of the quarter ended June 30, 2016, Vericel had an outstanding balance of $2.4 million under an existing agreement with Silicon Valley Bank which will be replaced with the expanded facility with Silicon Valley Bank and MidCap Financial. 

"We are pleased to expand our relationship with Silicon Valley Bank and also to partner with MidCap Financial, and we appreciate their confidence in our business," said Vericel's chief financial officer and vice president of corporate development, Gerard Michel.  "This expanded  loan facility strengthens our balance sheet considerably as we approach the January 3, 2017 MACI PDUFA goal date."

Katherine Andersen, managing director of Silicon Valley Bank, commented, "Vericel is driving important advancements in cell therapy and it is our pleasure to expand our partnership to support their continued efforts."

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.

MidCap Financial is a middle-market focused, specialty finance firm that provides senior debt solutions to businesses across all industries. The firm's years of experience, strong balance sheet, and flexibility make it a lender of choice for companies across all stages of growth and complexity. MidCap Financial's debt solutions focus in five areas: General and healthcare asset-based working capital loans collateralized by third-party accounts receivable and other assets; Leveraged loans to companies backed by private equity sponsors; Life sciences loans to VC-backed and public pharmaceutical, biotech, and medical device companies; Real estate loans on all types of commercial properties, medical office buildings, various types of senior housing and skilled nursing properties; and Lender finance term loans or revolvers provided across the consumer and commercial finance sectors.

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