Daily News: July 23, 2014

GE Capital Healthcare Agents $9MM USGI Facility

GE Capital’s Healthcare Financial Services business announced it agented a senior secured credit facility of up to $9 million for USGI Medical.

The funds will be used to support additional clinical studies of an incisionless outpatient weight loss procedure. A U.S. pivotal trial assessing the platform for the investigational weight loss indication is already well underway, with enrollment having been completed in June 2014. The funds will also help support the ongoing European post-marketing trials.

“We would like to thank GE Capital for helping us access this new capital that provides us with the financial flexibility we need to expand,” said Scott Moonly, CEO of USGI.

“Medical device developers benefit from a lender with in-depth knowledge of the healthcare industry,” said Brett Haring, senior managing director of GE Capital, Healthcare Financial Services’ Life Sciences division. “We’re pleased to help USGI develop its business domestically and internationally.”

USGI Medical is committed to the development of technologies to enable incisionless surgery and the treatment of diseases through the natural passageways of the body.