BETHESDA, Md.--21 July 2010-- GE Capital, Healthcare Financial Services announced today that it served as agent and sole lender to Mitralign, Inc. for a $5 million senior secured credit facility. Mitralign will use the credit facility for working capital as the company advances development of its mitral valve repair device.
Based in Tewksbury, Massachusetts, Mitralign, Inc. is developing an innovative, catheter-based method to effectively treat mitral regurgitation in patients suffering from congestive heart failure, combining surgical precision with interventional therapy.
John Schulte, chief executive officer for Mitralign, said, "We were looking for a lender that knew our business and had unsurpassed financing expertise, and GE Capital, Healthcare Financial Services met all of our business needs."
"This new facility will help Mitralign invest in their existing businesses and support further advancement of their mitral valve repair device, which we believe will be an important development in the treatment of mitral regurgitation in patients suffering from congestive heart failure," said Anthony Storino, senior managing director, life sciences, for GE Capital, Healthcare Financial Services. "Our industry expertise enables us to provide Mitralign with the best financing solution to meet their overall business objectives."
About GE Capital, Healthcare Financial Services
With over $17 billion invested in more than 30 sub-sectors including senior housing, hospitals, pharmaceuticals, and medical devices, GE Capital, Healthcare Financial Services is a premier provider of capital and services to the healthcare industry. Our team of professionals provides deep industry expertise to create business and financial solutions tailored to meet the individual needs of our customers. The Life Science Finance team has worked with more than 500 companies throughout the United States, Canada and Europe. With a dedicated focus on assisting life science companies large and small, from the first venture round to post-IPO, the team has provided over $2.5 billion in financing to the market. For more information, visit gecapital.com/healthcare.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital).
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. Visit ge.com.
Ned Reynolds
GE Capital
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