Sientra Secures $20 Million Credit Facility from Silicon Valley Bank
Client News | March 24, 2017
SANTA BARBARA, Calif. – March 24, 2017 – Sientra, Inc. (NASDAQ:SIEN) (“Sientra” or the “Company”), a medical aesthetics company, has entered into a $15 million secured line of credit and a $5 million term loan agreement with Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors. This agreement provides up to $20 million of capital to the company to be used for general corporate purposes, working capital needs related to inventory as the company prepares for FDA approval of its new manufacturing site, and strategic initiatives.
“We’re pleased to provide this financing to Sientra as the company works toward achieving its strategic and operational initiatives,” said Brett Maver, director for Silicon Valley Bank. “Our goal is to provide the Sientra team with the right financing, connections and services that they need to meet their corporate objectives.”
Headquartered in Santa Barbara, California, Sientra is a medical aesthetics company committed to making a difference in patients' lives by enhancing their body image, growing their self-esteem and restoring their confidence. The Company was founded to provide greater choice to board-certified plastic surgeons and patients in need of medical aesthetics products. The Company has developed a broad portfolio of products with technologically differentiated characteristics, supported by independent laboratory testing and strong clinical trial outcomes. The Company sells its breast implants and breast tissue expanders exclusively to board-certified and board-admissible plastic surgeons and tailors its customer service offerings to their specific needs. The Company also offers a range of other aesthetic and specialty products including bioCorneum®, the professional choice in scar management.
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