Archus Orthopedics Inc., a Redmond, Wash.-based developer of reconstructive spinal implants, has secured a $10 million in venture debt from GE Healthcare Financial Services. Archus previously had raised nearly $65 million in VC funding from Polaris Venture Partners, MPM Capital, InterWest Partners and Johnson & Johnson Development Corporation.
GE Healthcare Financial Services has provided a $10 million loan facility to Archus Orthopedics, a privately held developer of reconstructive implants to treat spinal disorders. Archus Orthopedics will use the venture loan to accelerate their growth and clinical development process.
“GE Healthcare Financial Services' in-depth knowledge of the life sciences sector and commitment to understanding our needs helped create a financing solution that meets both our short- and long-term capital needs,” said Jim Fitzsimmons, Chief Executive Officer at Archus Orthopedics. “Through GE's support, we will be able to enhance our position in this highly competitive marketplace.”
“Venture loans are good examples of how we're working with emerging medical device companies to give them access to non-dilutive financing while extending their cash runway,” said Anthony Storino, Senior Managing Director at GE Healthcare Financial Services' life science finance group. “This agreement with Archus Orthopedics will help the company as it further develops its spinal solution platform.”
For almost two decades, the life science finance team of GE Healthcare Financial Services has worked with more than 500 companies throughout the
About GE Healthcare Financial Services
GE Healthcare Financial Services is the premier provider of capital, financial solutions, and related services for the global healthcare market. With over $17 billion in assets, GE Healthcare Financial Services offers a full range of financing capabilities from equipment leasing and real estate financing to working capital lending, vendor programs, and acquisition financing. With a dedicated focus and a deep knowledge of the healthcare industry, GE Healthcare Financial Services collaborates with customers to create tailored financial solutions that help them improve their productivity and profitability. For more information, visit www.gehealthcarefinance.com.
About Archus Orthopedics
Founded in July 2001, Archus Orthopedics is a privately held company developing a family of reconstructive implants to treat a variety of spine disorders resulting from degenerative changes in the facet joints. Archus Orthopedics, Inc. began U.S. clinical trials of its Total Facet Arthroplasty System(R: 57.02, +1.78, +3.22%) (TFAS(R: 57.02, +1.78, +3.22%)) in August 2005. The TFAS(R: 57.02, +1.78, +3.22%) is a novel, patented spinal implant designed to treat spinal stenosis, a condition in which degenerative changes in the facet joints result in compression of spinal nerves producing neurological symptoms in the legs. Traditionally, patients with spinal stenosis undergo decompressive laminectomy surgery, which is often accompanied by spinal fusion. The TFAS(R: 57.02, +1.78, +3.22%) replaces the degenerative facet joints with a prosthetic joint implant intended to restore stability and normal motion to the spine, eliminating the need for fusion. To learn more, visit our website at www.archusorthopedics.com.