Daily News: April 4, 2014

GE Capital Provides $7MM Facility to AirXpanders

GE Capital, Healthcare Financial Services announced that it provided a $7 million senior secured multi-draw term loan credit facility to AirXpanders, of which $3.5 million was funded. GE Capital is acting as administrative agent and sole lender for the credit facility.

“We thank GE Capital for supporting the company as we work towards our goal of offering women who undergo a mastectomy a new, more convenient, needle-free option to expand tissue during breast reconstruction surgery,” said Scott Dodson, AirXpanders’ president and CEO. “As we conclude our U.S. trial and await regulatory approval, we are confident that our device will prove to be a significant advancement in breast reconstruction allowing patients greater control, convenience and a faster method of recovering their shape than the current technology provides.”

“We’re pleased to provide financing to AirXpanders, given their novel approach to tissue expansion for those who seek breast reconstruction,” said Neil Bonnano, segment leader, GE Capital, Healthcare Financial Services, Life Sciences. “We’re excited to support such a promising company through its development phase.”

Palo Alto, CA-based AirXpanders is developing an alternative technology for women who require tissue expansion for breast reconstruction following a mastectomy.