BETHESDA, Md.--(BUSINESS WIRE)--GE Capital’s Healthcare Financial Services (HFS) business announced today that it has closed and fully funded a $4 million additional term loan financing to Cianna Medical, Inc., bringing the total venture loan facility to $12 million. The funds will be used to help support the commercialization of its new SAVI SCOUT® surgical guidance system, which is currently being launched.
Founded in 2007, and based in Aliso Viejo, CA, Cianna Medical is a medical device company focused on the treatment of early-stage breast cancer. In late 2014, the company received U.S. Food and Drug Administration (FDA) clearance for SAVI SCOUT, which uses passive non-radioactive electromagnetic wave technology to provide real-time guidance during excisional breast procedures by using a reflector that can be placed in the tissue up to seven days prior to surgery.
“GE Capital has been a very supportive financial partner, offering significant value, beyond capital, to small businesses like ours,” said Jill Anderson, president and CEO of Cianna Medical. “I am delighted that we will continue working together to bring women the very best in breast cancer technology.”
“With the launch of our new SCOUT product, we were looking for a lender that would help us finance the growth of our company,” noted Gordon H. Busenbark, CFO of Cianna Medical. “HFS worked with us to structure a financing transaction that provides both the flexibility and the funding we need now, with the ability to expand our relationship as the business grows.”
“We realized Cianna Medical would need growth capital immediately after the FDA’s approval of the SAVI SCOUT product,” said Brett Haring, senior managing director of life sciences for GE Capital, Healthcare Financial Services. “We’re pleased to be able to help our customer with the funding they need to ramp up their commercialization efforts.”
About Cianna Medical, Inc.
Cianna Medical develops, manufactures and markets innovative medical technologies that reduce costs, improve quality, and reduce the burden breast cancer treatment places on women and their families. Its SAVI® technologies are FDA-cleared and address unmet needs in the delivery of radiation therapy, tumor localization and surgical guidance.
The SAVI breast brachytherapy applicator delivers individualized radiation therapy to where it is needed most, decreasing toxicity and reducing treatment time from several weeks to just 5 days.
The SAVI SCOUT® surgical guidance system utilizes electromagnetic wave technology to provide real-time surgical guidance. It offers surgeons a precise method of targeting tissue for removal during lumpectomy and excisional biopsy procedures.
For more information, call 866-920-9444 or visit www.ciannamedical.com.
About GE Capital, Healthcare Financial Services
GE Capital’s Healthcare Financial Services (HFS) business is one of the most active capital providers in the U.S. healthcare market, providing more than $10.5 billion in financing across more than 240 transactions in 2014.
Customers across 45 healthcare sectors — including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices — rely on HFS to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives. With in-depth industry knowledge and expertise, the HFS team of professionals creates financial solutions tailored to meet the individual needs of its customers. For more information, visit www.gecapital.com/healthcare or follow company news via Twitter (http://twitter.com/GELendLease). GE Capital offers customers around the globe an array of financial products, services and insights to help them grow their businesses.
GE (NYSE: GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. www.ge.com