Treace Medical Announces Completion of Debt Financing

Treace Medical Concepts, Inc., a privately-held medical device company focused on advancing the standard of care for hallux valgus (bunion) surgery, announced today the completion of a $20 million secured debt financing with Silicon Valley Bank (SVB), the bank of the worlds most innovative companies and their investors.

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Retrieved on: 
Monday, February 25, 2019
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Surgery, Health, Medical devices, Professional services, Finance, Foot diseases, Skeletal disorders, Bunion, RTT, Silicon Valley Bank, Bank, Economy
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United States, Florida
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Summary
Key Points: 
  • Treace Medical Concepts, Inc., a privately-held medical device company focused on advancing the standard of care for hallux valgus (bunion) surgery, announced today the completion of a $20 million secured debt financing with Silicon Valley Bank (SVB), the bank of the worlds most innovative companies and their investors.
  • The debt financing includes a revolving line of credit of up to $5 million and a 4-year term loan of up to $15 million.
  • TMC intends to use the proceeds of the debt financing to accelerate commercialization plans of the Lapiplasty Procedure and provide additional working capital.
  • Based in Ponte Vedra, FL, Treace Medical Concepts, Inc. is a privately-held medical device company focused on advancing the standard of care for the surgical management of bunion deformities.


Treace Medical Concepts, Inc., a privately-held medical device company
focused on advancing the standard of care for hallux valgus (bunion)
surgery, announced today the completion of a $20 million secured debt
financing with Silicon Valley Bank (SVB), the bank of the world’s most
innovative companies and their investors. The debt financing includes a
revolving line of credit of up to $5 million and a 4-year term loan of
up to $15 million.

“We are pleased to have the support and confidence of SVB as we strive
to make the Lapiplasty® Procedure the therapy-of-choice for the surgical
management of bunions,” said John T. Treace, Founder and CEO.

TMC intends to use the proceeds of the debt financing to accelerate
commercialization plans of the Lapiplasty® Procedure and provide
additional working capital.

“It is our pleasure to support Treace Medical Concepts as the Company
grows and scales its innovative solution for bunion treatment,” said
Scott McCarty, Director at Silicon Valley Bank.

About Treace Medical Concepts, Inc.

Based in Ponte Vedra, FL, Treace Medical Concepts, Inc. is a
privately-held medical device company focused on advancing the standard
of care for the surgical management of bunion deformities. The Company’s
patented Lapiplasty® 3D Bunion Correction™ system is designed to
reproducibly correct all three planes of the bunion deformity and
address the root cause of the bunion, while allowing patients to get
back to their active lives quickly. To learn more about Lapiplasty® 3D
Bunion Correction™, or find a Lapiplasty® surgeon in your area, please
visit: www.AlignMyToe.com
or www.treace.com/patients.

About Silicon Valley Bank

For more than 35 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. Learn more at svb.com.

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