Vericel entered into a term loan and revolving line of credit agreement with Silicon Valley Bank, providing access to up to $15 million of new capital to the company to be used for general corporate purposes.

“We are pleased to forge this new partnership with Silicon Valley Bank,” said Gerard Michel, Vericel’s chief financial officer and vice president of corporate development. “These loan facilities provide the flexibility, at a low cost of capital, to invest in our key future growth drivers, Epicel and MACI, without diluting our current shareholders.”

Vericel Corporation develops patient-specific expanded cellular therapies for use in the treatment of patients with severe diseases and conditions.