Press release from Business Wire
GE Capital Provides Credit Facility to Tangent Medical
Wednesday, February 05, 2014
GE Capital Provides Credit Facility to Tangent Medical08:00 EST Wednesday, February 05, 2014
BETHESDA, Md. (Business Wire) -- GE Capital, Healthcare Financial Services announced today that it has provided a $5 million senior secured term loan credit facility to Tangent Medical, Inc., an intravenous therapy products company. GE Capital, Healthcare Financial Services is acting as agent and sole lender for the credit facility. The financing will be used to support the company's commercialization and development efforts.
“We chose GE because they know our industry well and have expertise in financing companies at our stage of development,” said Jeff Williams, Tangent Medical CEO and Chairman. “The GE team quickly understood our unique value drivers, and structured a credit facility that provides flexibility as we commercialize our first product.”
“We're pleased to be able to provide working capital to Tangent at this important point in their development,” said Anthony Storino, senior managing director, GE Capital, Healthcare Financial Services, Life Sciences. “Our team is focused on providing financing to life sciences companies to help them achieve commercial scale.”
Based in Ann Arbor, Michigan, Tangent Medical is a leading innovator in the development and commercialization of intravenous (IV) catheters and related products for IV therapy. Designed after extensive clinical research into the needs of both healthcare workers and patients, the NovaCath™ Integrated IV Catheter System is the only closed, safety IV to cost-effectively combine advanced catheter stabilization, passive needle encapsulation and next generation tubing management on every start. This patented technology is establishing a new standard in catheter design, functionality and performance.
About GE Capital, Healthcare Financial Services
With in-depth industry knowledge and expertise, GE Capital, Healthcare Financial Services has provided more than $65 billion in financing over ten years to companies in 45 healthcare sectors including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices. Our team of professionals creates business and financial solutions tailored to meet the individual needs of our customers. For more information, visit gecapital.com/healthcare.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. For more information, visit the company's website at www.ge.com.
GE Capital, Americas
Ned Reynolds, 203-229-5717