Nevro Announces First Draw Down of $20 Million Under Term Loan Facility with CRG
MENLO PARK, Calif., Dec. 15, 2014 /PRNewswire/ -- Nevro Corp. (NYSE:NVRO), a medical device company that has developed and commercialized an innovative, evidence-based neuromodulation platform for the treatment of chronic pain, is announcing that it completed its first draw down under the previously announced term loan facility with CRG LP (formerly known as Capital Royalty) and its affiliate funds (“CRG”) for proceeds of $20 million before closing fees. The term loan facility gives the Company access to borrow up to $50 million, inclusive of the initial draw of $20 million.
About Nevro Corp.
Headquartered in Menlo Park, California, Nevro is a medical device company focused on providing innovative products that improve the quality of life of patients suffering from debilitating chronic pain. Nevro has developed and commercialized the Senza® spinal cord stimulation (SCS) system, an evidence-based neuromodulation platform for the treatment of chronic pain. The Senza system is the only SCS system that delivers Nevro’s proprietary HF10 therapy. In the United States, the Senza system is limited by federal law to investigational use only. Senza, HF10, Nevro and the Nevro logo are trademarks of Nevro.
About CRG
Founded in 2003, CRG (previously known as Capital Royalty L.P.) is a healthcare-focused investment firm with $1.5 billion of assets under management that provides capital to healthcare companies primarily through structured debt and senior secured loans. CRG works across the spectrum of life science products and technologies and targets investment sizes ranging between $20 million and $200 million. The firm partners with commercial-stage healthcare companies to provide flexible financing solutions so they can achieve their growth objectives. CRG is headquartered in Houston, Texas and has offices in Boulder, Colorado and New York City. For additional information, please visit crglp.com.
Forward-Looking Statements
This press release contains forward-looking statements with respect to our business, capital resources, strategic initiatives and growth, including statements related to our expectations about the flexibility the term loan facility provides us for building a commercial infrastructure in the United States. These forward-looking statements are based upon information that is currently available to us or our current expectations, speak only as of the date hereof, and are subject to numerous risks and uncertainties, including our ability to obtain regulatory approval from the FDA of Senza in the United States, and successfully commercialize Senza; our ability to manufacture our products to meet demand; the level and availability of third party payor reimbursement for our products; our ability to effectively manage our anticipated growth; our ability to protect our intellectual property rights and proprietary technologies; our ability to operate our business without infringing the intellectual property rights and proprietary technology of third parties; additional capital and credit availability; and our ability to attract and retain qualified personnel. These factors, together with those that are described in greater detail in our reports that we file with the SEC, including our Quarterly Report on Form 10-Q for the third quarter ended September 30, 2014, may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. We expressly disclaim any obligation, except as required by law, or undertaking to update or revise any such forward-looking statements.
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SOURCE Nevro Corp.
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