SVB Provides $2 Million to Freedom Meditech
Freedom Meditech, Inc., developer of non-invasive ophthalmic products for the detection of disease and management of patient health, announced it has secured a $2 million line of credit from Silicon Valley Bank (SVB). The funds will be used to ramp up manufacturing and distribution of the company’s ClearPath DS-120 Lens Fluorescence Biomicroscope, currently under regulatory review in the U.S. and European Union.
“SVB’s due diligence on our ClearPath DS-120 showed a strong mix of proven technology, market opportunity and just how far we have come in reducing manufacturing, regulatory and marketing risk for the product,” said Craig Misrach, chairman and CEO of Freedom Meditech. “The financing provided by SVB is a springboard to launch this new and exciting product in the global healthcare marketplace.”
Terms of the credit facility include an initial disbursement with additional funds available upon attaining certain milestones. The transaction is in anticipation of a Series B financing close by the company.
The company plans to launch the ClearPath in international markets with an initial focus on countries that accept the CE Mark and CSA Certification Mark. The CE Mark is required to sell in the 27 countries that comprise the EU and is a gateway to other non-regulated markets. CSA certification is required to sell in Canada and is an entr