GE Capital, Healthcare Financial Services announced it is serving as administrative agent on a $21.5 million senior secured credit facility for Amedica Corporation. The financing will be used for working capital to support growth.
Headquartered in Salt Lake City, Amedica is a spine and orthopedic implant and device manufacturing and distribution company that provides advanced surgical applications. The company's Silicon Nitride platform technologies represent a new standard for implants and biologics based on performance, safety and efficacy. Scientific and peer-reviewed data has proven the ability of Silicon Nitride-based interbody fusion devices to promote bone on-growth, minimize infection risk and increase the potential for fusion in comparison to PEEK and titanium.
"The financing provided by GE Capital is key to fueling our commercialization efforts and supporting our goal of improving the standard of care for spinal surgery," said Eric Olson, CEO for Amedica Corporation. "The team at GE Capital quickly understood our business and delivered a financing solution that allows us to focus on educating spine specialists about Silicon Nitride and further prove its unique capabilities to improve patient care and outcomes. As we begin 2013, we are aggressively working to increase adoption and meet industry demand for a safe, reliable interbody fusion procedure."
"Life science companies require a flexible lender to help propel their growth and success," said Anthony Storino, senior managing director, GE Capital, Healthcare Financial Services, Life Sciences. "We're pleased to support companies such as Amedica that bring advanced technologies and solutions to the market and help to revolutionize their industries."
With in-depth industry knowledge and expertise, GE Capital, Healthcare Financial Services has provided more than $60 billion in financing over ten years to companies in over 45 healthcare sectors including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices.