WALNUT CREEK, Calif., May 10, 2017 /PRNewswire/ -- Providence Medical Technology, Inc., an innovator in tissue-sparing cervical spine technology, today announced the closing of a $10.5 million debt agreement with Bridge Bank.
"We are pleased that we have partnered with Bridge Bank to bolster our balance sheet with this debt facility," said Greg Curhan, Chief Financial Officer of Providence. "This financing, coupled with our recently completed equity financing, puts us in a great position to continue to expand our distribution both across the United States as well as in international markets to deliver innovative spinal technology to help patients enjoy pain-free lives."
"Bridge Bank is excited to be partnering with Providence Medical Technology," said Rob Lake, senior vice president and head of Bridge Bank's life sciences group. "I am impressed with the management team, the company's eloquent and innovative technology, as well as the commercial progress over the past 24 months. We are delighted to be a resource to help Providence achieve its immediate and long-term goals."
Providence's differentiated, tissue-sparing devices and instruments are designed to increase procedural efficiency, improve clinical outcomes, minimize complications, and reduce recovery times for cervical fusions. The technology has seen continued, rapid adoption by spine surgeons, hospitals, and ambulatory surgery centers.
About Providence Medical Technology, Inc.
Providence Medical Technology, Inc. is a privately-held medical device company focused on innovative solutions for cervical spinal conditions. The company has pioneered a proprietary, tissue-sparing approach to posterior cervical fusion. Providence has developed surgical instrumentation and implants that offer unique benefits to the $2 billion worldwide cervical spine market. The Providence family of products includes the DTRAX® Spinal Instrumentation System, CAVUX® intervertebral implants, and the ALLY™ line of bone and facet screws. All products are shipped-sterile and single-use to maximize efficiency and ensure consistent quality and performance. For more information, visit www.providencemt.com.
About Bridge Bank
Bridge Bank is a division of Western Alliance Bank, Member FDIC, the go-to bank for business in its growing markets. Bridge Bank was founded in 2001 in Silicon Valley to offer a better way to bank for small-market and middle-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank offers a broad scope of financial solutions including growth capital, equipment and working capital credit facilities, sustainable energy project finance, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has eight offices in major markets across the country along with Western Alliance Bank's robust national platform of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation, one of the country's top-performing banking companies. For more information, visit www.bridgebank.com.
SOURCE Providence Medical Technology, Inc.