Treace Medical Announces Completion of Debt Financing
PONTE VEDRA, Fla.--(BUSINESS WIRE)-- Treace Medical Concepts, Inc., a privately-held medical device company focused on advancing the standard of care for hallux valgus (bunion) surgery, announced today the completion of a $20 million secured debt financing with Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors. The debt financing includes a revolving line of credit of up to $5 million and a 4-year term loan of up to $15 million.
“We are pleased to have the support and confidence of SVB as we strive to make the Lapiplasty® Procedure the therapy-of-choice for the surgical management of bunions,” said John T. Treace, Founder and CEO.
TMC intends to use the proceeds of the debt financing to accelerate commercialization plans of the Lapiplasty® Procedure and provide additional working capital.
“It is our pleasure to support Treace Medical Concepts as the Company grows and scales its innovative solution for bunion treatment,” said Scott McCarty, Director at Silicon Valley Bank.
About Treace Medical Concepts, Inc.
Based in Ponte Vedra, FL, Treace Medical Concepts, Inc. is a privately-held medical device company focused on advancing the standard of care for the surgical management of bunion deformities. The Company’s patented Lapiplasty® 3D Bunion Correction™ system is designed to reproducibly correct all three planes of the bunion deformity and address the root cause of the bunion, while allowing patients to get back to their active lives quickly. To learn more about Lapiplasty® 3D Bunion Correction™, or find a Lapiplasty® surgeon in your area, please visit: www.AlignMyToe.com or www.treace.com/patients.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
Treace Medical Concepts, Inc.
Chief Financial Officer
Source: Treace Medical Concepts, Inc.