Aviir Diagnostic Laboratories Secures $8 Million In Funding From Silicon Valley Bank
IRVINE, Calif., Sept. 19, 2012 /PRNewswire/ -- Aviir Inc., a biotechnology company dedicated to the prevention of cardiovascular disease through innovative laboratory tests, announced today that it has secured $5 million in growth debt capital and a $3 million line of credit on receivables from Silicon Valley Bank to accelerate commercialization activities and infrastructure build-out for its cardiac risk assessment portfolio of laboratory tests targeted at fostering cardiac disease prevention.
"This loan strengthens our financial position in conjunction with our December 2011 capital financing of up to $30 million led by Merck GHI and gives us the ability to focus on commercialization and market penetration," said Douglas Harrington, MD, CEO of Aviir. "We greatly value our relationship with Silicon Valley Bank and we are confident of executing our plan to bring our proprietary cardiac risk and inherited cardiovascular disease disorder assays to market to improve healthcare and enable preventive strategies based on Aviir's critical and unique information."
"It's our mission to help innovative life science companies, like Aviir, succeed," said Robert Anderson, Senior Relationship Manager with Silicon Valley Bank. "We make every effort to provide the expertise and financing our clients need as they grow and develop solutions for critical medial concerns. In the case of Aviir, its strong leadership team and pioneering technology is identifying people who may be at risk of cardiac failure, which is exactly the profile of cutting-edge technology and innovation that make a relationship between SVB and our clients so rewarding."
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and seven international operations. (NASDAQ: SIVB) www.svb.com. Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Private Bank is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve System.
Aviir was founded in 2005 by cardiologists and scientists from the Stanford University School of Medicine to focus on discovery, development and commercialization of innovative diagnostic tests. The biotechnology company specializes in developing proprietary diagnostic tests that will assist in identifying patients that are truly at high risk for the development of a cardiac event. Aviir's proprietary MIRisk and TruRisk assessments objectively identify, by a simple blood draw, individuals who are at a high risk of a cardiac event over the next five years. Aviir's CLIA laboratory (Irvine, CA) complements these novel tests with a wide range of additional tests for risk assessment and therapeutic monitoring of cardiovascular disease and related metabolic disorders – including pharmacogenomic and genetic tests. The company has adopted a unique clinical laboratory service model to provide physicians better diagnostic tools that improve cardiovascular health of their patients. The company is privately owned and funded by leading life science venture capital firms. Please visit www.aviir.com for more information.
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SOURCE Aviir Inc.