Cardiovascular Systems, Inc. Secures $40 Million Line of Credit from Silicon Valley Bank
Client News | April 4, 2017
ST. PAUL, Minn. – April 4, 2017 – Cardiovascular Systems, Inc. (CSI) (NASDAQ: CSII), a medical device company developing and commercializing innovative solutions for treating peripheral and coronary vascular disease, has entered into a credit facility with Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors. This agreement provides CSI with up to $40 million for working capital and general corporate purposes.
“Adding this line of credit to our debt-free balance sheet strengthens our financial position and improves our flexibility,” said Scott Ward, chairman, president and chief executive officer for CSI. “Silicon Valley Bank continues to be a key strategic partner for CSI as we seek to set the standard in safe, effective, economical medical devices that improve patient outcomes.”
“We’re pleased to provide this financing to CSI as the company drives important medical advancements for the large patient populations they serve,” said Ben Johnson, managing director for Silicon Valley Bank. “Our aim is to provide the CSI team with the right financing, connections and services they need to meet their corporate objectives.”
About Cardiovascular Systems, Inc.
Cardiovascular Systems, Inc., based in St. Paul, Minn., is a medical device company focused on developing and commercializing innovative solutions for treating vascular and coronary disease. The company’s Orbital Atherectomy Systems treat calcified and fibrotic plaque in arterial vessels throughout the leg and heart in a few minutes of treatment time, and address many of the limitations associated with existing surgical, catheter and pharmacological treatment alternatives. The U.S. FDA granted the first 510(k) clearance for the use of the Orbital Atherectomy System in peripheral arteries in August 2007. In October 2013, the company received FDA approval for the Coronary Orbital Atherectomy System. To date, over 290,000 of CSI’s devices have been sold to leading institutions across the United States. For more information, visit the company’s website at www.csi360.com.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators.
The Life Science and Healthcare Division of Silicon Valley Bank delivers specialized solutions and market expertise in the areas of biopharma, medical device, tools and diagnostics, digital health and healthcare services, with a focus on helping companies move their bold ideas forward, fast. Learn more at svb.com/life-sciences-healthcare/.
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