Spiracur said today that it raised $16 million debt round from GE Capital for its negative-pressure wound therapy device.
Sunnyvale, Calif.-based Spiracur said it plans to use the proceeds to launch new products, penetrate new care settings and for global expansion.
"The financing from GE Capital, Healthcare Financial Services puts us in an excellent position to successfully execute our new product introductions and further expand our product offerings outside the United States," president & CEO Chris Fashek said in prepared remarks. "We plan to aggressively grow our sales and marketing efforts in support of the new product launches and our increasing presence in new care settings worldwide. In addition, we will grow our investment in research and development."
"We are enthusiastic about Spiracur’s business expansion and glad to have been able to provide our healthcare finance expertise to support the company’s commercialization efforts," added HFS’ life science finance senior managing director Brett Haring. "We will continue to focus on providing them with flexible financial solutions to help them grow in the portable and disposable NPWT market.”
Spiracur tapped Fashek, the former president at Kinetic Concepts Inc., for its corner office in July. In September the company won reimbursement coverage from insurance giant Health Care Services Corp. for its SNaP wound care system.