BETHESDA, MD, MAY 22, 2014 --- GE Capital's Healthcare Financial Services business announced today that it has agented a senior secured credit facility of up to $10 million to Cianna Medical, Inc. The funds will be used for additional working capital as Cianna Medical continues to expand its commercialization and product development efforts.
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. The company's brachytherapy applicator, SAVI®, delivers post-lumpectomy partial breast radiation treatment to patients diagnosed with early-stage breast cancer.
"This financing strengthens our financial position for the continued commercialization of SAVI, both here in the U.S. and abroad, allowing us to fulfill our mission of making the benefits of breast brachytherapy available to more women," said Cianna Medical's president and CEO Jill Anderson. "It also allows us to continue to selectively invest in our new product pipeline."
"GE Capital's knowledge of the healthcare industry and their support were key to successfully closing this transaction," said Cianna Medical CFO Gordon H. Busenbark. "They provided us with a flexible lending structure that supports our needs as we continue to ramp up our product development and commercialization efforts."
"As one of the most active capital providers in the U.S. healthcare market, we value our new relationship with Cianna Medical and look forward to supporting their financing needs as they continue to grow and evolve," said Neil Bonanno, senior vice president of life sciences for GE Capital, Healthcare Financial Services.
About Cianna Medical, Inc.
Cianna Medical, Inc. is a medical device company focused on women's health and dedicated to the innovative treatment of early-stage breast cancer. The company manufactures and markets the SAVI breast brachytherapy applicator for the delivery of radiation after lumpectomy surgery. Delivering treatment from inside the breast, SAVI uses multiple catheters to direct individualized radiation where it's needed most. This strut-based technology allows for dose customization that minimizes exposure to healthy tissue and reduces complications, making the benefits of breast brachytherapy available to more women. To date, 20,000 women have been treated with the SAVI applicator. For more information, please visit www.ciannamedical.com.
About GE Capital, Healthcare Financial Services
GE Capital's Healthcare Financial Services business is one of the most active capital providers in the U.S. healthcare market, deploying approximately $9 billion in new commitments to customers via 200+ transactions in 2013. That adds up to more than $65 billion in financing over the past 10 years. For the fourth consecutive year, HFS was the top lead arranger by volume and number of transactions completed for all financings under $500 million in U.S. healthcare leveraged finance.
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 business and 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.
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
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