Cartiva Secures $1.5 Million Senior Credit Facility from Silicon Valley Bank
FOR IMMEDIATE RELEASE
(Alpharetta, GA, January 8, 2014) Cartiva, Inc., a developer of innovative solutions for the treatment of cartilage damage and osteoarthritis, announced today that it has entered into a loan and security agreement with Silicon Valley Bank providing access to up to $1.5 million of capital to the Company. The credit facility will be available for general working capital purposes.
We are very pleased to have secured this financing to supplement the proceeds from our Series C preferred stock sale in July of last year, said Peter Pizzo, chief financial officer of Cartiva. Receiving this credit facility from a respected source like Silicon Valley Bank is an acknowledgment of our success to date and the market opportunity of our lead product. This facility further strengthens Cartiva’s financial position and provides additional financial cushion as we prepare for the submission of our first Premarket Approval (PMA) module for Cartiva© SCI early this year.
Working with medical device companies like Cartiva is inspiring, said Andy Rico, Managing Director of Silicon Valley Bank’s Atlanta office. Through our partnership with Cartiva, we aim to give the company the financial flexibility to meet its growth goals and to increase the team’s probability of success as it develops and delivers solutions that will change people’s lives for the better.
About Cartiva, Inc.
Based in Alpharetta, Ga. and spun off from Carticept Medical, Inc. in December 2011, Cartiva, Inc. develops and markets innovative solutions for patients with osteoarthritis or cartilage damage. Additional information is available on the Company’s website at www.cartiva.net.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and six international operations. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
Chief Financial Officer