Standard Bariatrics, Inc. secures $7 million credit facility with Silicon Valley Bank
Silicon Valley Bank is a leading investment bank that partners with innovative healthcare and technology companies. Under the terms of the new credit facility, SVB will provide loans in two tranches. The first installment of $4 million was received at closing of which $0.4 million was used to pay off existing debt. The second installment of $3 million will be available through June 30, 2023after going through certain stages.
Cleared by the US Food and Drug Administration (FDA) one year ago April 28, 2021Titan SGS Surgical Stapler complies with new stricter Class II product regulations for surgical staplers1. With a single shot of 55 seconds2 Titan SGS stapler completes a 23cm line of staples with no staple overlap3. By completing the staple line in one continuous shot2there is a reduced risk of anatomical variations associated with multiple lines of overlapping short cartridge staples4.
Peter DonatoChief Financial Officer of Standard Bariatrics, said, “We are excited to continue our long-standing relationship with Silicon Valley Bank as we continue to exceed our sales and production expectations. While our balance sheet is very strong with the recent Series B capital raise, we are adding this credit facility to enable greater speed and flexibility to accelerate our business efforts, further securing our supply chain and increasing our administrative capacities.
Karen SpilizewskiVice President at RiverVest® and a Standard Bariatrics board member said, “The clinical and technical benefits of Titan SGS resonate with bariatric surgeons and the user community continues to expand rapidly. Early results from the 2,500 cases processed to date give us the confidence to continue investing in Titan SGS and its complementary technologies. This credit facility will accelerate the organization’s progress towards new stages of development. »
About Standard Bariatrics, Inc.
Standard Bariatrics, Inc. is a growing medical device company focused on the development and commercialization of products for the surgical treatment of obesity. Driven by a passionate group of surgical innovators, the CincinnatiThis New York-based organization works hand-in-hand with bariatric surgeons to develop and commercialize new solutions designed to combat the growing global obesity epidemic. The Standard Bariatrics team offers extensive experience in creating and bringing obesity-related medical device technologies to market. They have a proven track record of clinical excellence with cost-effective solutions for providers and their patients.
Standard Bariatrics is backed by early stage investments from Jobs Ohio, North Coast Angel Fund, Accelerant, Queen City Angels, CincyTech, leading Series A investors RiverVest®, Hatteras Venture Partners and Emergent Medical Partners, and Series B investors US Venture Partners (USVP) and RC Capitale.
About Silicon Valley Bank
For nearly 40 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward quickly. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps meet the unique needs of innovators. Learn more at svb.com.
- FDA. (2021, October 7). FDA Issues Final Order and Guidance on Surgical Staplers and Staples for Internal Use. US Food and Drug Administration. Retrieved from https://www.fda.gov/news-events/press-announcements/fda-issues-final-order-and-guidance-surgical-staplers-and-staples-internal-use
- US Food and Drug Administration. (2021). Indications for use. (510(k)# K210278). Retrieved from https://www.accessdata.fda.gov/cdrh_docs/pdf21/K210278.pdf
- Salyer, C., Spuzzillo, A., Wakefield, D., Gomaa, D., Thompson, J., & Goodman, M. (July 2020). Performance evaluation of a new stapler for laparoscopic sleeve gastrectomy. Surgical endoscopy, 35(7), 4016–4021. https://doi.org/10.1007/s00464-020-07858-0
- Toro, J., Lin, E., Patel, A., Davis, S., Sanni, A., Urrego, H., Sweeney, J., Srinivasan, J., Small, W., Mittal, P., Sekhar, A., & Moreno, C. (September 2014). Association of radiographic morphology with early gastroesophageal reflux and control of satiety after sleeve gastrectomy. Journal of the American College of Surgeons, 219(3), 430–438. https://doi.org/10.1016/j.jamcollsurg.2014.02.036
SOURCE Standard Bariatrics