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Mitralign draws $5 million credit from GE Capital

Mon, 07/19/2010 - 6:32pm
Mass High Tech: The Journal of New England Technology

GE Capital Healthcare Services has provided Tewksbury-based medical device company Mitralign Inc. with a $5 million secured credit facility that Mitralign will use for working capital as it advances development of its mitral valve repair device.

GE Capital served as agent and sole lender in the deal. Mitralign  is developing a catheter-based method to treat mitral regurgitation in patients suffering from congestive heart failure, combining surgery with interventional therapy.

John Schulte, chief executive officer for Mitralign, said in a press release, “We were looking for a lender that knew our business and had unsurpassed financing expertise, and GE Capital, Healthcare Financial Services met all of our business needs.”

In 2008 Mitralign announced that it successfully performed its first implantation of the Mitralign Percutaneous Annuloplasty System for mitral valve repair at French Hospital in Asuncion, Paraguay.

In 2007 the company reported a $24 million series C round of investment co-led by Medtronic and Johnson & Johnson Development Corp. Other investors have included Oakwood Medical, Palisades Capital, Accelerated Technology Partners, Forbion, Giza, Oxford Biosciences and Triathlon Medical Venture Partners.

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