ORIX Venture Finance LLC is announcing the closing of a $15 million senior secured facility for local medical company, Primcogent Solutions. The facility was structured to deliver immediate working capital to the company, while providing flexibility for future growth. Initial proceeds will be used to support the company’s national branding strategy, the hire of additional personnel, and the ongoing market expansion of the ZERONA® Non-Invasive Body Contouring Device.
Located near the ORIX headquarters in Dallas, Primcogent Solutions is the exclusive licensee of the ZERONA Laser Device for fat reduction and body contouring in North America and Europe. The ZERONA Laser treatment is growing in popularity due to its FDA Clearance for non-invasive body contouring that utilizes a cold laser to effectively reduce excess fat without negative side effects associated with surgical methods. Patients are drawn to this process because of the proven success rates, plus the lack of body swelling, discomfort from temperature changes, tissue damage, pain and/or resulting post-treatments compared to alternative assisted fat loss treatments.
Innovative growth companies in the Southwestern and Central states have not typically enjoyed the same access to debt financing as East Coast- or West Coast-based firms. ORIX Venture Finance has recently expanded its presence in the Southwest to help address this need, and notes that this debt financing demonstrates its commitment to the region as well as to the medical devices industry.
William Bishop, Managing Director and Co-Head of ORIX Venture Finance, commented, “We are impressed by management’s ability to effectively generate consumer awareness and achieve profitability without traditional financing. Primcogent Solutions is a fast-growing business in a publicly validated market. We hope our financing will enable them to promote their considerable competitive strengths to the entire consumer marketplace.”
Adrian Bocwinski, Senior Vice President of the Primcogent Solutions Group, added, “We believe that this debt financing validates our growth potential, and we are delighted to be working with ORIX as we prepare to meet stronger market demand.”