ATLANTA - November 1, 2001 - Silicon Valley Bank (the "Bank"), a wholly owned subsidiary of Silicon Valley Bancshares, announced it provided Novoste Corporation (NASDAQ: NOVT) with $10 million in asset-based financing. Norcross, Georgia-based Novoste Corporation is a world leader in the emerging field of vascular brachytherapy, the use of intravascular radiation to reduce the incidence of restenosis. The company will use the financing for working capital purposes.
"We are pleased to be working with a financial institution that understands our business as well as Silicon Valley Bank," said Ed Cordell, chief financial officer of Novoste. "We are confident that they will be able to support us through all stages of our business life cycle."
"Novoste has developed a market leadership position with its Beta-Cath™ System product platform and the company has exciting prospects for future growth," said Alan Spurgin, senior vice president in Silicon Valley Bank's Atlanta office. "We are delighted to support Novoste Corporation not only with the credit facility, but with our full array of banking products and services."
About Novoste Corporation
Novoste Corporation, based in Atlanta, Ga., develops advanced medical treatments for coronary and vascular diseases and is the worldwide leader in vascular brachytherapy. The company's Beta-Cath System is commercially available in the United States, as well as in the European Union and several other countries. For general company information, please call (770) 717-0904 or visit the company's web site at http://www.novoste.com.
About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus.
The Bank operates throughout the Silicon Valley: Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma. Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington.
SVB Contact: Andrea McGhee, (408) 654-3078, amcghee@svbank.com.