Cervical spine-focused medical device maker Providence Medical said today it closed a $10.5 million debt agreement with Bridge Bank.
The Walnut Creek, Calif.-based company develops and produces tissue-sparing devices and instruments designed to increase procedural efficiency, improve clinical outcomes, minimize complications and reduce recovery time for cervical fusion procedures.
“Bridge Bank is excited to be partnering with Providence Medical Technology. 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,” Bridge Bank life science’s group head Rob Lake said in a prepared statement.
“We are pleased that we have partnered with Bridge Bank to bolster our balance sheet with this debt facility. 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,” CFO Greg Curhan said in a press release.
Last December, Providence said it closed a $10.5 million equity financing round, with proceeds slated to support commercialization and portfolio expansion.
The round was led by new investor MVM Life Science Partners, who will join the company’s board. Also joining the round were Stanmore Medical Investments, Aphelion Capital and existing private investors, Walnut Creek, Calif.-based Providence Medical said.