MINNEAPOLIS--(BUSINESS WIRE)--Anulex Technologies, Inc. announced that it has secured a $7 million capital growth term loan from Silicon Valley Bank, the premier commercial bank for life science companies. The loan proceeds will be used primarily to support the Company’s research and development efforts, completion of the Company’s clinical study, and expansion of the sales force.
Michael K. McCormick, Anulex’s President and Chief Executive Officer, stated, “This growth capital loan provides additional resources for increased investment in our commercialization efforts and product pipeline, as we complete enrollment in our post market clinical study to further prove the benefits of preservation and repair of the anulus.” Jay McNeil, Silicon Valley Bank’s Senior Relationship Manager and Life Sciences Practice Manager for the Midwest, stated, “SVB is pleased to provide Anulex with the financial resources it needs to help them continue to succeed. The Company is rapidly growing and addressing an important and unmet clinical need.”
Anulex’s products have been involved in over 3,300 procedures to date. The Xclose and Inclose systems are FDA cleared for soft-tissue approximation and repair. These innovative systems provide efficient access for closure to facilitate the repair of the anulus fibrosus following a minimally invasive spinal microdiscectomy procedure.
About Anulex Technologies, Inc.
Anulex Technologies, Inc. is a privately held company dedicated to the development and commercialization of unique and propriety soft tissue repair products with primary interests in treatments for the soft tissues of the spine. Back injuries afflict four out of every five individuals at some point during their life, and it is a major cause of disability. Xclose, Inclose, and Anulex are trademarks of Anulex Technologies, Inc. More information on the Company can be found at www.anulex.com.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for emerging, growth and mature companies in the technology, life science, private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients’ success. Founded in 1983 and headquartered in Santa Clara, California, the Company serves clients around the world through 27 U.S. offices as well as operations in China, India, Israel and the U.K. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the Company can be found at 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. SVB Private Client Services is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve.
Contacts
Anulex Technologies, Inc. Doug Schoenberg, 952-224-4030
