BETHESDA, MD --- GE Capital's Healthcare Financial Services business announced today that it has agented a senior secured credit facility of up to $9 million for USGI Medical, Inc., a San Clemente, CA-based company that develops endoscopic procedures for obesity and other advanced therapeutic endoscopy applications.
The funds will be used to support additional clinical studies of an incision-less outpatient weight loss procedure. A U.S. pivotal trial assessing the platform for the investigational weight loss indication is already well underway, with enrollment having been completed in June 2014. The funds will also help support the ongoing European post-marketing trials.
"We would like to thank GE Capital for helping us access this new capital that provides us with the financial flexibility we need to expand," said Scott Moonly, CEO of USGI.
"Medical device developers benefit from a lender with in-depth knowledge of the healthcare industry," said Brett Haring, senior managing director of GE Capital, Healthcare Financial Services' Life Sciences division. "We're pleased to help USGI develop its business domestically and internationally."
About USGI Medical, Inc.
USGI Medical is committed to the development of technologies to enable incision-less surgery --- the treatment of diseases through the natural passageways of the body. USGI's Incisionless Operating Platform™ provides surgeons with the operating platform and specialized tools they need to perform surgery through a patient's mouth or other natural orifices, reducing the need for external incisions into the abdomen. For more information, go to http://www.usgimedical.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, 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 gecapital.com/healthcare or follow company news via Twitter (http://twitter.com/GELendLease).
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (http://twitter.com/GECapital).
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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