CIBC Innovation Banking completed $60 million in new debt financing for Massachusetts-based TransMedics Group, a medical technology company that focuses on organ transplant therapy for patients with end-stage lung, heart and liver failure. TransMedics plans to use the incremental growth capital to accelerate its commercial momentum, helping to grow transplant volume and improve clinical outcomes.
Founded in 1998, TransMedics was built to address the need for more donor organs. The company has developed a national Organ Care System (OCS) program focused on establishing a new standard of care by addressing the limitations of cold storage while transporting donor organs.
“We are pleased to have secured a non-dilutive debt financing, enabling us to retire our existing debt facility while providing TransMedics with incremental financial flexibility to continue to scale the business,” Waleed Hassanein, MD, president, and CEO at TransMedics, said. “We look forward to working with CIBC Innovation Banking long-term as we continue to grow our market presence.”
“CIBC Innovation Banking is proud to support TransMedics in its pursuit to transform the standard of care for organ transplantation,” Joe Hammer, co-head North American life science and healthcare at CIBC Innovation Banking, said. “We are excited to work with the management team as they scale and help save lives around the globe.”