SVB Provides Sunshine Heart Loan Agreement
Sunshine Heart entered into a loan and security agreement with Silicon Valley Bank to provide up to $10 million in growth capital.
On February 18, 2015, the company entered into the loan and security agreement. The loan will mature on December 1, 2017. Proceeds will be used for general corporate and working capital purposes.
Honigman Miller Schwartz and Cohn served as legal advisor to Sunshine Heart in connection with the loan agreement.
“Increasing our clients’ probability of success is our primary objective in working with some of the most innovative companies in the world, like Sunshine Heart,” said Ben Johnson of Silicon Valley Bank. “Their C-Pulse Heart Assist System has the potential to make an incredible difference for patients, and we’re glad to be supporting the development of this exciting technology.”
“It is a pleasure to form an alliance with Silicon Valley Bank which is well-established in the healthcare sector as a leading financial partner to emerging companies. Today’s transaction is an important milestone for us as the arrangement in combination with the use of our ATM facility provides the company with sufficient capital through 2016 while preserving shareholder equity via this minimally dilutive structure,” commented David Rosa, president and CEO of Sunshine Heart.
Sunshine Heart is an early-stage medical device company focused on developing, manufacturing and commercializing the C-Pulse System for treatment of Class III and ambulatory Class IV heart failure.