Organogenesis said today that it entered into a revolving line of credit agreement with Silicon Valley Bank to provide $25 million in new capital to the regenerative medicine company.
“The people of Silicon Valley Bank are not only excellent bankers, but what sets them apart is they also understand business,” Organogenesis chief financial officer Tim Cunningham said in prepared remarks. “We at Organogenesis are looking forward to building a strong, long-term relationship.”
“Organogenesis is a pioneer in the field of regenerative medicine,” Kevin Longo, director & northeast head of medical device and digital health at Silicon Valley Bank, added. “We’re pleased to work with the Organogenesis team to provide the best financing, connections and global services they need to meet their corporate objectives.”
Birmingham, Alabama-based NuTech Medical will keep it’s non-biologics product line as a separate company called NuTech Spine.
NuTech’s president & CEO, Howard Walthall, will join Organogenesis as president of the company’s surgical division and senior VP for strategy and development.
NuTech has developed amniotic allografts for soft tissue and bone applications, including Affinity, NuShield, NuCel and ReNu.
Also in March, Organogenesis launched its PuraPly Antimicrobial clinical research program, which will evaluate patients treated with PuraPly AM for up to 12 weeks. The 1st studies have started enrolling patients, according to Organogenesis.
The Canton, Mass.-based company’s PuraPly AM is a 510(k)-cleared device indicated for the management of acute and chronic wounds. The device is made of a bi-layered purified Type I collagen sheet, loaded with a broad spectrum antimicrobial agent that acts as a barrier against microbial colonization within wound dressings.