NXT Capital’s Venture Finance Group today announced the closing of a $7 million venture loan package with Estech, Inc. Made in cooperation with Silicon Valley Bank, the facility will enable Estech to finance key growth initiatives.
Estech is a leader in developing and marketing innovative medical devices that allow cardiac surgeons to perform a variety of minimally-invasive surgical procedures. This includes minimally invasive cardiac ablation using a unique surgical ablation catheter, a disruptive technology that addresses a multi-billion dollar market opportunity worldwide. The company’s product lines span three cardiac surgery disciplines including surgical ablation, valve replacement or repair and coronary artery bypass grafting.
Headquartered in San Ramon, California, Estech is backed by Saints Capital, Waveland Securities, NBGI Ventures, Telegraph Hill Partners and Tullis Health Investors.
“NXT Capital Venture Finance and Silicon Valley Bank were highly responsive and tailored a financing solution that was synergistic to our specific needs,” said Terry Kinninger, Estech’s CFO. “NXT and Silicon Valley Bank’s collective experience in the med-tech space makes them terrific financing partners.”
“Estech’s products are well known by cardiac surgeons worldwide,” said Peter Fair, Managing Director, NXT Capital Venture Finance. “The company’s unique suite of minimally-invasive medical devices, particularly in the realm of temperature-controlled radio frequency cardiac ablation, is unparalleled and provides a tremendous benefit to surgeons and their patients.”
“We were delighted to provide financing to Estech,” said Ben Colombo, Senior Relationship Manager, Silicon Valley Bank. “It’s a perfect fit for our life science team, which serves innovative companies like Estech that are making important medical advances and helps them reach their business goals.”
ABOUT NXT CAPITAL VENTURE FINANCE:
NXT Capital Venture Finance is a newly formed business committed to serving entrepreneurs by providing less dilutive, more flexible forms of capital. With offices in Boston and Silicon Valley, NXT Capital Venture Finance provides senior and subordinated term loans in the $1 million to $20 million range to emerging growth companies backed by venture capital and private equity firms, particularly those in the technology and life science sectors. Target clients range from pre-revenue companies led by dedicated entrepreneurs to late-stage, proven businesses seeking more efficient growth capital. For more information, see nxtcapital.com/venture-finance.
ABOUT NXT CAPITAL:
NXT Capital provides structured financing solutions to middle-market and emerging growth companies, as well as real estate investors, through its Corporate Finance, Venture Finance and Real Estate Finance groups. Based in Chicago with offices in New York, Atlanta, Boston, Dallas, Newport Beach and Silicon Valley, NXT Capital targets senior financing opportunities up to $150 million with a hold size up to $50 million. See nxtcapital.com.
ABOUT SILICON VALLEY BANK:
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 26 U.S. offices and seven international operations. (Nasdaq: SIVB) www.svb.com.
Estech develops and markets a broad portfolio of innovative medical devices and disposables that enable cardiac surgeons worldwide to perform a variety of minimally invasive surgical procedures, including the growing trend in minimally invasive and hybrid ablation procedures, with maximum ease of use, patient safety and clinical effectiveness. The company’s product lines span three cardiac surgery disciplines, including temperature-controlled RF ablation, valve replacement and repair, and coronary artery bypass grafting. Estech markets its products in the U.S. and in more than 40 countries internationally through a direct sales force and a select network of distributors. Estech is privately held and backed by a number of leading life sciences venture capital firms in Silicon Valley and Europe. The company is headquartered in San Ramon, CA, with facilities in Germany and the Netherlands as well. For more information, please visit http://www.estech.com.