Aerin Medical Inc. Secures $50 Million Debt Facility
AUSTIN, Texas, May 21, 2019 /PRNewswire/ -- Aerin Medical, Inc. ("Aerin"), a medical technology company focused on improving the quality of life for patients suffering with nasal airway disorders through the development and commercialization of disruptive minimally-invasive treatments, announced that it closed on a $50 million non-dilutive term loan agreement with CRG LP, a healthcare focused investment firm.
Aerin received $35 million at closing and will receive an additional $15 million in two tranches upon achieving certain milestones. The Company used approximately $16.5 million of these proceeds to retire its existing debt. The remaining proceeds will be used to accelerate Aerin's sales and marketing reach and to launch its next product.
Luke Düster, Partner of CRG, stated, "CRG is pleased to provide Aerin with an optimal financing structure that supports the Company's growth initiatives for its proprietary Vivaer technology."
Kevin Reilly, Vice President of CRG added, "Aerin's technology provides a safe, minimally invasive procedure that is proven to deliver strong patient outcomes. We are excited to partner with a Company and technology that has such a high patient satisfaction while delivering an ideal office-based treatment option for ENTs."
Fred Dinger, Chief Executive Officer of Aerin Medical commented, "CRG is the ideal partner for Aerin giving us the right level of financing and structure to fuel our growth and should allow us to transition to becoming cash flow positive without the need for additional equity. CRG has provided the long-term capital that will enable us to expand our sales footprint, increase our marketing efforts and bolster our clinically proven product pipeline."
About Aerin Medical Inc.
Aerin Medical® is a privately funded medical device company headquartered in Austin, Texas. Aerin manufactures and markets the Vivaer® Nasal Airway Remodeling System for the treatment of nasal obstruction. The Vivaer® treatment is a minimally invasive procedure, performed in a physician's office, that improves nasal breathing with results comparable to surgery. The company's mission is to improve the quality of life for people suffering from nasal breathing disorders. For more information, please visit www.aerinmedical.com.
About CRG
CRG is a premier healthcare investment firm with nearly $4 billion of asset under management. The firm seeks to invest between $20 to $300 million in companies across the healthcare spectrum, including medical devices, biopharmaceuticals, tools & diagnostics, services and information technology. CRG provides growth capital in the form of long-term debt and equity to support innovative, commercial-stage healthcare companies that address large, unmet medical needs. The firm partners with public and private companies to provide flexible financing solutions and world-class support to achieve exceptional growth objectives with minimal dilution. CRG maintains offices in Boulder, New York and Houston. For more information, please visit www.crglp.com.
SOURCE Aerin Medical, Inc.
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