Daily News: November 13, 2014

GE Capital Provides Spiracur Debt Financing

Spiracur announced it closed a $16 million round of debt financing with GE Capital. The proceeds will be used by Spiracur to launch new products into new care settings, and for further global expansion. Spiracur was advised in the transaction by Armentum Partners.

“The financing from GE Capital, Healthcare Financial Services (HFS) puts us in an excellent position to successfully execute our new product introductions and further expand our product offerings outside the United States,” said Chris Fashek, president and CEO for Spiracur. “We plan to aggressively grow our sales and marketing efforts in support of the new product launches and our increasing presence in new care settings worldwide. In addition, we will grow our investment in research and development.”

Spiracur’s SNaP System provides patients suffering from chronic or acute wounds with an advanced, non-invasive NPWT solution proven to heal wounds while allowing patients to maintain mobility. The innovative device weights 2.2 ounces and does not require batteries or electricity, resulting in completely silent treatment.

“We are enthusiastic about Spiracur’s business expansion and glad to have been able to provide our healthcare finance expertise to support the company’s commercialization efforts,” said Brett Haring, senior managing director for HFS’ life science finance business. “We will continue to focus on providing them with flexible financial solutions to help them grow in the portable and disposable NPWT market.”

Sunnyvale, CA-headquartered is a privately held medical device company focused on the development of innovative wound healing technologies.