PRZOOM - /newswire/ -
Bethesda, MD, United States, 2010/07/14 - GE Capital, Healthcare Financial Services today announced it has provided a $3.2 million credit facility to Tepha, Inc. The financing provides Tepha with working capital as it expands global commercialization efforts (NYSE: GE). NYSE: GE
Based in Lexington, MA, Tepha, Inc. is a developer of medical devices derived from a new class of resorbable polymers that have been engineered utilizing recombinant DNA technology. Tepha received its first FDA 510(k) clearance for its TephaFLEX® Absorbable Suture in February, 2007 and the Company and its partners have now received five 510(k)'s covering a range of medical devices including sutures, meshes, and films.
Simon Williams, chief executive officer for Tepha, Inc, said, “GE’s industry knowledge, financing expertise, professionalism and trustworthiness are the reasons we chose them as our lender.”
“We are pleased to provide capital to Tepha, Inc. as they work towards global commercialization of their products,” said Anthony Storino, senior managing director, life sciences, for GE Capital, Healthcare Financial Services. “GE’s combined healthcare and financing expertise provides our customers the resources they need to reach critical business objectives, including advancements in vital healthcare technology products.”
About GE Capital, Healthcare Financial Services
With over $17 billion invested in more than 30 sub-sectors including senior housing, hospitals, pharmaceuticals, and medical devices, GE Capital, Healthcare Financial Services is a premier provider of capital and services to the healthcare industry. Our team of professionals provides deep industry expertise to create business and financial solutions tailored to meet the individual needs of our customers. The Life Science Finance team has worked with more than 500 companies throughout the United States, Canada and Europe. With a dedicated focus on assisting life science companies large and small, from the first venture round to post-IPO, the team has provided over $2.5 billion in financing to the market. 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 gecapital.com or follow company news via Twitter (@GECapital). GE (ge.com) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges.