This financing structure allows Thermi to continue its accelerated growth plans while ensuring increasing shareholder value.
Irving, TEXAS (PRWEB) July 15, 2015
Thermi, known formally as ThermiAesthetics, a fast growing, privately held aesthetic technology company, announced today that it has secured the final $2,000,000 advance from its debt financing agreement with Silicon Valley Bank. The investment will be used to continue to support working capital needs, facilitate operational expansion of the product line and fuel sales growth into new international markets.
Previously, Silicon Valley Bank had committed to provide up to $5,000,000 in senior debt capital to Thermi. This investment provided Thermi with $3,000,000 at closing in December 2014, with an additional $2,000,000 available upon Thermi meeting certain conditions.
“This additional debt capital from Silicon Valley Bank allows the Company to continue to support its working capital needs and focus on the expansion of ThermiVa, which was launched in May 2015. In addition, the advance will continue to support infrastructure growth and regulatory investments to open up additional international distribution locations worldwide,” said Paul Herchman, CEO. Mike McDonald, CFO, also stated, “This financing structure allows Thermi to continue its accelerated growth plans while ensuring increasing shareholder value. We are excited about our expanding relationship with Silicon Valley Bank.”
"We are pleased to continue our partnership with ThermiAesthetics,” said Derek Brunelle, Managing Director of Life Science and Healthcare at Silicon Valley Bank in San Diego. “Our focus is to help the Thermi team move their business forward quickly as they mature to their next phase of growth.”
The Thermi flagship product is the ThermiRF Temperature Controlled Radio Frequency Generator System, which is FDA cleared for dermatological and general surgical procedures for electrocoagulation and hemostasis, and to create lesions in nervous tissue. ThermiRF is an advanced technology using finely controlled thermal energy. It is a multi-use platform, which promotes increased patient safety and clinical effectiveness, while providing versatile solutions for physicians serving the aesthetic market.
ThermiRF features a unique temperature control feature and uses proprietary hand pieces, which are designed for specific medical applications. These include a variety of disposal RF electrodes and cannulas and reusable non-invasive hand pieces. For more information, please visit http://www.thermi.com.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Forbes named SVB one of America’s best banks (2015) and one of America’s best-managed companies (2014). Learn more at http://www.svb.com.
Silicon Valley Bank is the California bank subsidiary and commercial banking operation of SVB Financial Group (Nasdaq: SIVB), and a member of the FDIC. Silicon Valley Bank and SVB Financial Group are members of the Federal Reserve System.