MOUNT OLIVE, N.J., June 1, 2016 /PRNewswire/ -- Flowonix Medical, Inc., a medical device company focused on providing advanced, implantable drug delivery solutions, announced today that it has obtained financing totaling approximately $15.5 million.
The transaction included $10.5 million investment, led by insiders including Clarus Ventures and other existing Flowonix investors. Additionally, the fundraising included $5.0 million in venture term debt financing, adding to its existing debt arrangement with Hercules Capital Inc. (NYSE:HTGC).
"We are very fortunate to have strong financial backing from our existing shareholders and, Hercules Capital, as we continue to make investments in our growth initiatives,"' said Lou Altieri, Chief Financial Officer of Flowonix.
The Company expects to use the proceeds from this financing to further its investment in sales and marketing infrastructure to support the continued commercial ramp of its state of the art Prometra® II Programmable Infusion Pump System and expand its manufacturing capacity.
"The commercial success of the Prometra® II Programmable Pump System over the last few years has enabled the company to secure this financing. The added resources will allow us to accelerate that growth trajectory," said Larry Heaton, President and Chief Executive Officer of Flowonix. "As we look to the future, this financing ensures that many more patients will have access to the most precise, safe and reliable implantable drug delivery technology available today."
"We are very excited to extend our partnership with Flowonix at this important stage to help them accelerate the market adoption of the Prometra II Programmable Pump System," said Scott Bluestein, Chief Investment Officer at Hercules Capital. "Our venture growth stage investment in Flowonix exemplifies our strategy to identify dynamic growth oriented companies and providing flexible financing solutions at their critical expansion stage."
Flowonix Medical, Inc. (www.flowonix.com), with offices in New Jersey and Massachusetts, is dedicated to working with healthcare professionals to help ease suffering associated with chronic pain and allows patients to reclaim their lives through innovation and therapy advancements. The strategic business goal of Flowonix Medical, Inc. is to become the leading implantable drug delivery company in the world.
Founded in 2005, Flowonix Medical, Inc. received approval to conduct its first clinical trial in 2007 on the Prometra® programmable implantable pump. The company received approval from the FDA to market the Prometra® system in 2012. Flowonix Medical, Inc. has been granted multiple patents, and is focused on working closely with physicians to rapidly improve the capabilities of implantable drug delivery and management systems.
For more information, please visit http://www.flowonix.com.
About Hercules Capital
Hercules Capital, Inc. (NYSE:HTGC) ("Hercules") is the leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science, and energy & renewable technology industries, at all stages of development. Since inception (December 2003), Hercules has committed more than $4.6 billion to over 300 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing.
Hercules' common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol "HTGC."
In addition, Hercules has three outstanding bond issuances of 7.00% Senior Notes due April 2019, 7.00% Senior Notes due September 2019, and 6.25% Senior Notes due July 2024, which trade on the NYSE under the symbols "HTGZ," "HTGY," and "HTGX," respectively.
Companies interested in learning more about financing opportunities should contact [email protected], or call 650.289.3060.
SOURCE Flowonix Medical, Inc.