The facility consists of $20 million to be drawn at closing with the ability to access additional funding up to an aggregate of $10 million, the Sunnyvale, Calif.-based company said. A total of $30 million will be available based on achievement of revenue and market cap milestones through June 30, 2018.
“The support and confidence of a well-respected firm like CRG represents another level of validation for our global business and commercialization strategies. The funding from this financing further strengthens our balance sheet and provides additional capital to support the continued global expansion of our innovative technology,” CEO & director Patricia Scheller said in a prepared release.
“Viveve is in a unique position, offering the gold standard technology for vaginal indications around the world. CRG looks forward to working with Viveve as they continue to build their global business operations and their product pipeline. Following our extensive due diligence, we believe Viveve’s clinically proven cryogen-cooled, monopolar radiofrequency technology has tremendous market potential in women’s health and that access to this credit facility will help the company achieve new levels of long-term value,” CRG managing director Luke Düster said in a prepared statement.
“A partnership with a firm like CRG is a true testament to the strength of Viveve’s rapidly expanding market opportunities. This level of non-dilutive capital will further support our continued sales growth and success,” CFO Scott Durbin said in a press release.
In March, Viveve priced an offering looking to raise $30 million to support its Viveve system. The Viveve System is designed as a non-surgical treatment for post-partum laxity of the vaginal introitus.