Hercules Provides $8.0 Million Financing To Novasys Medical, Inc., A Developer Of Radiofrequency Energy (RF) Innovative Therapies In Women's Health
Published: Aug 10, 2006
PALO ALTO, Calif., Aug. 10 /PRNewswire-FirstCall/ -- Hercules Technology Growth Capital, Inc. , a leading specialty finance company providing debt and equity growth capital to venture capital and private equity backed technology and life science companies, announced that on Aug. 3, 2006 it provided $8.0 million of debt financing to Novasys Medical, Inc., a developer of innovative therapies in women's health.
Novasys Medical recently launched its first FDA cleared product, the Renessa(TM) System, a proprietary, non-surgical treatment for female stress urinary incontinence (SUI). This unique product offers women and their physicians an innovative, non-incisional treatment that can be performed in a physician's office or other outpatient setting, presenting an alternative to patients who do not want surgery to treat SUI. The Renessa procedure uses radiofrequency energy (RF) to generate controlled heat at low temperatures in tissue targets within the lower urinary tract. The heat denatures collagen in the tissue at multiple small treatment sites.
"We are excited to be an investor in this innovative technology," said Kathy Conte, managing director of life sciences at Hercules. "In partnering with Novasys around women's health technology, we have reaffirmed our commitment to the growth prospects in this industry. This investment is a natural fit into our portfolio of women's health investments."
"We are very pleased to partner with Hercules and to add its financing strength to our group of experienced and supportive investors," said Debra Reisenthel, president and CEO of Novasys Medical. "The $8.0 million of debt financing provided by Hercules supports us as we continue to expand our product commercialization efforts."
SUI is the involuntary leakage of urine associated with coughing, sneezing, sexual and recreational activities. The condition is caused by a variety of factors, most commonly childbirth, and often restricts the social, professional and personal lives of an estimated 15 million women in the U.S. alone.
About Hercules Technology Growth Capital, Inc.:
Founded in December 2003, Hercules Technology Growth Capital, Inc. is a NASDAQ traded specialty finance company providing debt and equity growth capital to technology-related companies at all stages of development. The company primarily finances privately-held companies backed by leading venture capital and private equity firms and also may finance certain publicly-traded companies. Hercules focuses its investments in companies active in technology and technology-related industries such as computer software and hardware, networking systems, semiconductors, semiconductor capital equipment, information technology infrastructure, Internet consumer and business services, telecommunications, and life sciences. The company's investments are originated through its principal office located in Silicon Valley, as well as additional offices in the Boston, Boulder and Chicago areas. Providing capital to publicly traded or privately held companies backed by leading venture capital and private equity firms involves a high degree of credit risk and may result in potential losses of capital.
For more information, please visit www.herculestech.com . Companies interested in learning more about financing opportunities should contact firstname.lastname@example.org or call 650.289.3060.
About Novasys Medical, Inc.:
Novasys Medical, Inc. is a privately held, venture-backed company which develops innovative therapies in women's health. The company's initial focus is the development and commercialization of the Renessa(TM) System, a proprietary, non-surgical approach to the treatment of female stress urinary incontinence (SUI). The Renessa treatment can be performed in a physician's office or an outpatient center. For more information, please visit www.novasysmedical.com or call (510) 226-4060.
The statements contained in this release that are not purely historical are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify from time to time in our filings with the Securities and Exchange Commission. Although we believe that the assumptions on which these forward-looking statements are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Hercules assumes no obligation to update the forward-looking statements for subsequent events.
Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Kathy Conte http://profnet.prnewswire.com/ud_public.jsp?userid=10031089Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20050609/SFTH149LOGOAP Archive: http://photoarchive.ap.orgPRN Photo Desk email@example.comHercules Technology Growth Capital, Inc.
CONTACT: Hercules Technology Growth Capital, Inc., Main, +1-650-289-3060,or firstname.lastname@example.org , or Sally Borg of Hercules Technology GrowthCapital, +1-650-289-3066, or email@example.com