CryoGen Inc. Completes $1.75 Million Debt Facility.Business Editors and Health/Medical Writers SAN DIEGO--(BUSINESS WIRE)--June 5, 2002 CryoGen cry·o·gen n. A liquid, such as liquid nitrogen, that boils at a temperature below about 110 Kelvin (-160°C) and is used to obtain very low temperatures; a refrigerant. Inc., a rapidly growing medical device company focusing on women's health Women's Health Definition Women's health is the effect of gender on disease and health that encompasses a broad range of biological and psychosocial issues. , and Comerica (NYSE NYSE See: New York Stock Exchange :CMA CMA - Concert Multithread Architecture from DEC. ), a leading financial services company, announced today the completion of a $1.75 million debt facility provided to CryoGen by Comerica's Technology and Life Sciences Division. The financing will be used to finance accounts receivable and capital equipment. "We are very pleased to be working with Comerica Bank's Technology and Life Sciences Division to help fund our rapid growth," said Steve Kemper, CFO See Chief Financial Officer. and treasurer of CryoGen. "There are very few banks with strong emerging growth stage lending efforts, where they understand the business and the technology, as well as the growth issues of small companies," he added. "We are very excited to be working with CryoGen to help fund their expansion," stated Michael Berrier, senior vice president and regional manager for Comerica. "CryoGen's overall business strategy fits well with our division's focus, and we plan to continue to be closely involved in the company," he added. About CryoGen Inc. CryoGen Inc. is an emerging growth medical device company focused on the development and marketing of its patented cryoablation technology for gynecological gynecological /gy·ne·co·log·i·cal/ (-kah-loj´i-k'l) gynecologic. and other applications. CryoGen has received FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval for its minimally invasive, closed cycle cryoablation device and supporting system that enables physicians to ablate ab·late v. To remove or destroy the function of. ablate to remove, especially by cutting. ablate verb To remove; excise (destroy) tissue at extremely low temperatures. Backed by Kleiner Perkins Caufield and Byers, INVESCO, JHK Investments and other top-tier venture investors, the company has headquarters in San Diego. About Comerica's Technology and Life Sciences Division Comerica's Technology and Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts in the computer products, Internet services, telecommunications, life sciences and e-commerce industries. From 19 offices located across the U.S., Comerica's Technology and Life Sciences Division serves all major technology centers. Comerica is one of the top 20 largest banking companies in the nation, with $50 billion in assets. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion