Motus GI Holdings has entered into a $8 million secured term loan with Silicon Valley Bank.
The term loan further bolsters the company’s balance sheet and will be used to help finance the recently launched U.S. commercialization of the Pure-Vu System and for general corporate purposes.
“Securing this non-dilutive term loan with SVB is the beginning of an important new financing relationship with a well-respected bank with whom we can partner as the company continues to grow. This infusion of low-cost capital provides Motus GI with additional resources to support the commercialization of the Pure-Vu System, which launched sales to U.S. hospitals this fall,” commented Tim Moran, CEO of Motus GI.
The term loan requires monthly interest-only payments through December 31, 2021, followed by monthly payments of principal and interest until December 1, 2023. Interest on the term loan accrues at a floating per annum rate of the greater of the Wall Street Journal prime rate plus 0.5% or 5.5%.
