Spiracur Secures $16M from GE Capital to Expand Sales and R&D Efforts
SUNNYVALE, Calif., Nov. 12, 2014 – Spiracur Inc., developer of the only mechanically powered advanced wound care solution with the proven efficacy of Negative Pressure Wound Therapy (NPWT), today announced that it has closed a $16 million round of debt financing with GE Capital. The proceeds will be used by Spiracur to launch new products into new care settings, and for further global expansion. Spiracur was advised in the transaction by Armentum Partners.
“The financing from GE Capital, Healthcare Financial Services (HFS) puts us in an excellent position to successfully execute our new product introductions and further expand our product offerings outside the United States,” said Chris Fashek, president and CEO for Spiracur. “We plan to aggressively grow our sales and marketing efforts in support of the new product launches and our increasing presence in new care settings worldwide. In addition, we will grow our investment in research and development.”
Spiracur’s SNaP (Smart Negative Pressure®) System provides patients suffering from chronic or acute wounds with an advanced, non-invasive NPWT solution proven to heal wounds while allowing patients to maintain mobility. The innovative device weights 2.2 ounces and does not require batteries or electricity, resulting in completely silent treatment.
“We are enthusiastic about Spiracur’s business expansion and glad to have been able to provide our healthcare finance expertise to support the company’s commercialization efforts,” said Brett Haring, senior managing director for HFS’ life science finance business. “We will continue to focus on providing them with flexible financial solutions to help them grow in the portable and disposable NPWT market.”
About Spiracur Inc.
Spiracur Inc., headquartered in Sunnyvale, Calif., is a privately held medical device company focused on the development of innovative wound healing technologies. Spiracur was founded out of the Stanford University Biodesign Innovation Program in 2007. Its first product, the SNaP Wound Care System for the treatment of chronic and acute wounds, is the result of patient and clinician feedback that current negative pressure wound therapies were too cumbersome. The company’s ciSNaP® Closed Incision System with proprietary controlled tension relief is designed to improve healing of high-risk surgical incisions. Both devices have received 510(k) clearance from the U.S. Food & Drug Administration (FDA) and have received CE Mark approval. Spiracur’s proprietary mechanically powered technology does not require batteries or electricity to operate. For more information, please visit http://spiracur.com.
About GE Capital, Healthcare Financial Services
GE Capital’s Healthcare Financial Services (HFS) business is one of the most active capital providers in the U.S. healthcare market, deploying approximately $9 billion in new commitments to customers via 200+ transactions in 2013. That adds up to more than $70 billion in financing over the past 10 years.
Customers across 45 healthcare sectors — including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices — rely on HFS to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives. With in-depth industry knowledge and expertise, the HFS team of professionals creates financial solutions tailored to meet the individual needs of its customers. For more information, visit gecapital.com/healthcare or follow company news via Twitter (http://twitter.com/GELendLease).
Media Contact
Amy Cook
amy @amcpublicrelations.net
Investor Contact
Steve Van Dick
svandick @spiracur.com
Spiracur, Spiracur logo, SNaP, Smart Negative Pressure and ciSNaP are registered trademarks of Spiracur Inc.