NORTHBROOK, Ill., Aug. 19, 2021 /PRNewswire/ -- Bridge to Life, Ltd. ("Bridge to Life" or the "Company"), a leading global supplier of organ preservation solutions and organ perfusion technologies, announced the first closing of a growth financing, totaling $56 million, led by Perceptive Advisors ("Perceptive"), a leading life sciences investment firm.
The capital raise consists of a secured credit facility and a Series A preferred equity investment. Dr. Peter Maag, Executive Chairman of CareDx, participated in the financing and will join Bridge to Life's Board of Directors.
Bridge to Life intends to use the proceeds from this transaction to further the development and commercialization of its organ perfusion systems and preservation technology portfolio. The Company is currently developing both warm and cold perfusion technologies for the enhanced preservation and transportation of livers, kidneys, lungs and hearts.
"We are pleased and excited to partner with the world–class healthcare investment team at Perceptive, " said Bridge to Life Chairman and CEO Stevan Schweighardt. "This financing will help accelerate the development of our multi–organ machine perfusion systems platform which will revolutionize the existing organ transplantation landscape."
"Perceptive is delighted to provide growth capital and insight to support the Bridge to Life mission of improving the standard of care for organ transplantation. This is an exciting time in the Company's history as it continues to innovate and expand its offerings to address the most significant challenges of organ transplantation," said Sam Chawla, Portfolio Manager at Perceptive Advisors.
Piper Sandler acted as exclusive financial advisor to Bridge to Life.
About Bridge to Life
Bridge to Life was founded with the mission of improving organ transplants by licensing and developing new preservation solutions and technologies to provide the highest quality of service to organ procurement organizations and transplant centers. The U.S. based company, headquartered in Northbrook, Illinois, is a leading supplier of preservation solutions worldwide with a focus on innovation in organ preservation and machine perfusion. Through a strong focus on collaboration with surgeons and transplant professionals, it continues to explore emerging science and preservation technologies. Visit bridgetolife.com to learn more.
SOURCE Bridge to Life