Aviir Diagnostic Secures $8 Million From Silicon Valley Bank
Aviir Inc., a biotechnology company dedicated to the prevention of cardiovascular disease through innovative laboratory tests, announced that it has secured $5 million in growth debt capital and a $3 million line of credit on receivables from Silicon Valley Bank to accelerate commercialization activities and infrastructure build-out for its cardiac risk assessment portfolio of laboratory tests targeted at fostering cardiac disease prevention.
“This loan strengthens our financial position in conjunction with our December 2012 capital financing of up to $30 million led by Merck GHI and gives us the ability to focus on commercialization and market penetration,” said Douglas Harrington, MD, CEO of Aviir. “We greatly value our relationship with Silicon Valley Bank and we are confident of executing our plan to bring our proprietary cardiac risk and inherited cardiovascular disease disorder assays to market to improve healthcare and enable preventive strategies based on Aviir’s critical and unique information.”
“It’s our mission to help innovative life science companies, like Aviir, succeed,” said Robert Anderson, senior relationship manager with Silicon Valley Bank. “We make every effort to provide the expertise and financing our clients need as they grow and develop solutions for critical medial concerns. In the case of Aviir, its strong leadership team and pioneering technology is identifying people who may be at risk of cardiac failure, which is exactly the profile of cutting-edge technology and innovation that make a relationship between SVB and our clients so rewarding.”
Silicon Valley Bank is a bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses.