News Briefs

Medtech business TransMedics secures debt financing from CIBC

CIBC Innovation Banking has provided $60 million of new debt financing to TransMedics Group.

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  • TransMedics was founded in 1998 to address the need for more donor organs
  • CIBC Innovation Banking is the technology lending arm of Canadian bank CIBC

CIBC Innovation Banking has provided $60 million of new debt financing to TransMedics Group, an Andover, Massachusetts-based medical technology company focusing on organ transplant therapy for patients with end-stage lung, heart and liver failure.

Founded in 1998, TransMedics has developed a national Organ Care System program focused on establishing a new standard of care by addressing the limitations of cold storage while transporting donor organs.

The company plans to use the capital infusion to accelerate its commercial momentum, helping to grow transplant volume and improve clinical outcomes.

“We are pleased to have secured a non-dilutive debt financing, enabling us to retire our existing debt facility while providing TransMedics with incremental financial flexibility to continue to scale the business,” said Dr. Waleed Hassanein, president and CEO of TransMedics, in a statement. “We look forward to working with CIBC Innovation Banking long-term as we continue to grow our market presence.”

CIBC Innovation Banking is the technology lending arm of Canadian bank CIBC. It delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond.