GE Capital, Healthcare Financial Services, announced that it is serving as administrative agent on a $10 million senior secured multi-draw term loan for Sonitus Medical Inc. The company intends to use the financing primarily for additional working capital as they continue to expand their commercialization efforts.
"We chose GE Capital because of their healthcare expertise, but particularly because of their understanding of the medical device space,” said Jeff Mack, chief financial officer for Sonitus Medical Inc. “GE’s knowledge of the industry and support were key to successfully closing this financing. They provided us with a flexible lending structure that supports our needs as we continue to ramp up our product development and commercialization efforts.”
“We’re pleased to work with innovative medical device companies like Sonitus Medical, and we look forward to supporting their evolving needs as they continue their rapid commercialization,” said Anthony Storino, senior managing director, GE Capital, Healthcare Financial Services, Life Sciences.
Founded in 2006 and based in San Mateo, California, Sonitus Medical Inc. is a privately held medical device company that markets the SoundBite Hearing System, the world's first hearing and communication solution that imperceptibly transmits sound via the teeth. Relying on the principle of bone conduction, this nearly invisible ITM (in-the-mouth) hearing device is a simple and non-invasive hearing and communication platform suitable for patients with Single-Sided Deafness and Conductive Hearing Loss. The SoundBite product is offered by otolaryngologists (ENTs) and audiologists in the US and Canada.About GE Capital, Healthcare Financial Services 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 45 healthcare sectors including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices. Our team of professionals creates business and financial solutions tailored to meet the individual needs of our customers. For more information, visit gecapital.com/healthcare. GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE:GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. For more information, visit the company's website at www.ge.com.