Treace Medical Concepts, a privately-held medical device company focused on advancing the standard of care for hallux valgus (bunion) surgery, announced the completion of a $20m secured debt financing with Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors.
Image:Treace Medical completes debt financing. Photo: Courtesy of adamr/FreeDigitalPhotos.net.
The debt financing includes a revolving line of credit of up to $5 million and a 4-year term loan of up to $15 million.
“We are pleased to have the support and confidence of SVB as we strive to make the Lapiplasty Procedure the therapy-of-choice for the surgical management of bunions,” said John T. Treace, Founder and CEO.
TMC intends to use the proceeds of the debt financing to accelerate commercialization plans of the Lapiplasty Procedure and provide additional working capital.
“It is our pleasure to support Treace Medical Concepts as the Company grows and scales its innovative solution for bunion treatment,” said Scott McCarty, Director at Silicon Valley Bank.
Source: Company Press Release