CardioFocus Secures $5M Credit Facility with Silicon Valley Bank
BOSTON, March 21, 2011 /PRNewswire/ -- CardioFocus, a venture capital-backed medical device company developing technology to treat cardiac disorders, has secured $5M in debt financing from Silicon Valley Bank, financial partner to technology and life science companies of all sizes worldwide. CardioFocus will use the new financing to initiate its pivotal trial in the United States and to expand the commercialization of its products in Europe.
CardioFocus is dedicated to improving treatments for patients suffering from atrial fibrillation. With its Endoscopic Ablation System, CardioFocus is allowing physicians to truly visualize complex cardiac anatomy in living color for the first time and perform a transcatheter procedure to treat the millions of people worldwide affected by this cardiac disorder.
"Silicon Valley Bank has been a trusted financial partner that understands our business imperatives and the progression of our technological and clinical accomplishments as we've grown," said Stephen W. Sagon, President and CEO of CardioFocus. "Now that we are in critical phases of commercialization and global expansion, we appreciate SVB's ability to provide the financing and global banking services we need to continue to grow."
"CardioFocus has been a client since it was just starting out," said Michael Hanewich, head of life sciences for Silicon Valley Bank's Eastern Division. "We exist to help life science companies as they develop amazing medical advances and bring them to market. We are a proud partner of CardioFocus and are excited to support their efforts as they expand their commercialization in Europe and seek FDA approval in the U.S."
Silicon Valley Bank's experienced life science bankers offer a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide.
More information about CardioFocus can be found at http://www.cardiofocus.com/index.html.
About Silicon Valley Bank
Silicon Valley Bank provides commercial banking services to emerging growth and mature companies in the technology, life science, private equity and premium wine industries. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 26 U.S. offices and five international operations. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), along with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.
Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
SOURCE Silicon Valley Bank