REDWOOD CITY, Calif., Aug. 27 /PRNewswire/ -- Rubicor Medical Inc., a privately-held medical device company which develops and markets minimally invasive technologies for breast biopsy and tissue removal, announced today that it has entered into a $10 million loan agreement with lenders Comerica Bank and Oxford Finance Corporation. The venture debt credit facilities will be used by Rubicor to support its ongoing working capital requirements, capital expenditures and other corporate growth initiatives.
"We were extremely pleased with the financing solution that Oxford and Comerica developed," commented James Vetter, Rubicor Founder and CEO. "The additional financing will allow us to further our goal to provide technologies that exceed the standards of care in breast disease management for both our physicians and patients."
The DiBari Group, LLC acted as advisor for the Company in connection with this transaction.
"We were delighted to work with such an experienced management team at Rubicor in putting this financing together which provides the company with increased resources to realize accelerated growth in the coming year," commented Rob Winkelmann, Managing Partner and CEO of the DiBari Group.
About Rubicor Medical, Inc.
Rubicor Medical Inc. is a privately-held medical device company focused on developing and marketing single use, minimally-invasive breast biopsy and tissue removal technologies. The Company was founded in 1998 by interventional cardiologist James Vetter, M.D., and is based in Redwood City, CA. The Company currently markets three disposable devices for breast biopsy and surgery -- Flash(TM), Phantom(TM) and Halo(TM). The Flash technology allows for single insertion, multi-sampling, core biopsy for breast lesion diagnosis without having to re-insert the device into the breast. Phantom provides surgeons with a revolutionary soft-tissue excision device for breast surgical procedures, and is the first percutaneous device to excise and remove breast lesions. The third device, Halo, empowers physicians to capture complete breast tissue abnormalities through a minimally-invasive procedure in their office exam rooms.
About The DiBari Group, LLC
The DiBari Group is a financial advisory and consulting firm dedicated to procuring debt capital for both public and private companies in various stages of development. The firm has supported high growth companies for over 10 years with an emphasis in communication, software, technology, healthcare and life sciences. For more information visit http://www.dibarigroup.com.
About Oxford Finance
Oxford Finance Corporation, a subsidiary of Sumitomo Corporation, is a specialty finance firm providing senior secured loans to public and private life science companies worldwide. For nearly twenty years, it has delivered flexible financing solutions to its clients, enabling them to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $600 million in loans, with lines of credit ranging from $100 thousand to $20 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California and Massachusetts. For more information, visit http://www.oxfordfinance.com.
About Comerica Bank's Technology & Life Sciences Division
Comerica Bank's Technology & Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. The Technology & Life Sciences Division serves all major U.S. technology centers from offices coast-to-coast and its headquarters in Palo Alto, Calif. Comerica Bank is a subsidiary of Comerica Incorporated , a financial services company that is among the 20 largest banking companies in the U.S., with $57.5 billion in total assets as of March 31, 2007. For more information, see http://www.comerica.com.
DiBari Group, LLCCONTACT: Robin Gaffney, Media Relations of Rubicor Medical, Inc.,+1-877-424-6779, rgaffney@rubicor.com; or Rob Winkelmann, Managing Partner& CEO of The DiBari Group, +1-949-366-8355, rob@dibarigroup.net
