SI-BONE recently closed a credit facility with Oxford Finance and Silicon Valley Bank.
Here are five key notes:
1. The facility includes a $35.2 million senior secured term loan and a $4 million line of credit.
2. The company plans on using the funds to accelerate the marketing of its iFuse Implant System for sacroiliac joint fusion surgery.
3. SI-BONE received FDA 510(k) clearance in to market its iFuse Implant System in November 2008. The system earned the CE mark in November 2010.
4. Oxford Finance is a specialty finance firm that provides senior debt to life sciences and healthcare services companies, and Silicon Valley Bank is the bank of innovative companies and their investors.
5. "This credit facility provides us access to capital as we need it to grow our business," said Jeffrey Dunn, president and CEO of SI-BONE. "It also strengthens our balance sheet at an attractive cost of capital. We are pleased to continue our relationship with Silicon Valley Bank and to initiate a relationship with Oxford."