Organogenesis closes $20m credit facility

Organogenesis said today it closed a $20 million financing facility with Eastward Capital Partners.

“Eastward Capital Partners is committed to partnering with technology-forward companies who are leaders in their industry segments. We are excited to partner with Organogenesis to provide the capital to support their growth plans,” Eastward Partner’s Tim O’Loughlin said in a prepared statement.

“We were fortunate to have several choices in a financing partner as we continue to build our balance sheet and our product portfolio to provide the most advanced wound care and surgical biologics solutions to our customers. We chose Eastward Capital Partners given their impeccable credentials and stellar reputation, which aligns well with Organogenesis’ core values.  Additionally, Eastward Capital Partners has decades of experience financing health technology companies and understands the value our products bring to clinicians and patients,” CFO Tim Cunningham said in a press release.

The new facility follows a $25 million revolving credit line agreement that Organogenesis inked last month with Silicon Valley Bank.

In March, Organogenesis acquired NuTech Medical for an undisclosed price. The combined company plans to feature a portfolio of wound care products and surgical biologics.