ARDEN HILLS, Minn., Dec. 15, 2014 /PRNewswire-iReach/ -- Galil Medical, a pioneer and global leader in the market for cryotherapy ablation systems, announced the closing of a $12.5 million term debt financing with SWK Holdings Corporation. The Company also announced the appointment of Scott P. Youngstrom as Chief Financial Officer.
Martin J. Emerson, President and CEO of Galil Medical, commented, “The closing of our financing with SWK Holdings and appointment of Scott Youngstrom as CFO are important milestones for Galil as we manage the rapid growth of our interventional oncology cryotherapy business. We are committed to the investments in technology and clinical research that are critical to sustain this growth, but also are committed to the financial discipline that is necessary in today’s health care environment.”
SWK Holdings is a life science focused specialty finance company based in Dallas, Texas. The SWK Holdings $12.5 million investment in Galil is in the form of a five year term loan, the entire principal amount of which will be available immediately. Armentum Partners acted as Galil’s advisor and placement agent for this financing.
Brett Pope, Chief Executive Officer of SWK Holdings, commented, “Our non-dilutive financing for Galil Medical reflects our commitment to provide creative financing solutions to life science companies, We believe cryotherapy ablation is an important interventional oncology treatment option for patients, and that Galil Medical is poised to capitalize on its leading position in the market.”
Scott P. Youngstrom will join Galil as Chief Financial Officer on December 15, 2014. Mr. Youngstrom is an experienced medical device industry executive having served as chief financial officer with both public and private, venture capital backed firms. He was most recently the Chief Operating Officer and Chief Financial officer of Dgimed Ortho. Previously, Mr. Youngstrom was the CFO of Annulex Technologies and Enpath Medical, a publicly traded company acquired by Greatbatch in 2007.
About Galil Medical Galil Medical is a global leader in delivering innovative cryotherapy ablation solutions. The company’s products are utilized by interventional radiologists and surgeons to ablate cancerous and non-cancerous tumors affecting the kidney, bone, lung, liver, and prostate. At the prestigious Radiologic Society of North American (“RSNA”) conference recently held in Chicago, the clinical experience with cryotherapy was discussed in over 40 scientific presentations. The Company has facilities located in Arden Hills, Minnesota and Yokneam, Israel. Shareholders include Thomas, McNerney & Partners, The Vertical Group, and Investor Growth Capital.
About SWK Holdings Corporation SWK Holdings Corporation is a specialized finance company with a focus on the global healthcare sector. SWK partners with ethical product marketers and royalty holders to provide flexible financing solutions at an attractive cost of capital to create long-term value for both SWK’s business partners and its investors. SWK believes its financing structures achieve an optimal partnership for companies, institutions and inventors seeking capital for expansion or capital and estate planning by allowing its partners to monetize future cash flow with minimal dilution to their equity stakes. Additional information on the life science finance market is available on the Company’s website at www.swkhold.com.
Media Contact:Martin J. Emerson, Galil Medical, 651-287-5050, marty.emerson@galilmedical.com
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SOURCE Galil Medical
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