TriSalus Life Sciences recently secured a $50 million debt facility from OrbiMed. This financing aims to support TriSalus’ expansion plans and continued growth, enhancing its financial flexibility and allowing for further investment in its TriNav commercial and technology pipeline.

To execute strategic initiatives, TriSalus borrowed $25 million initially, with an option for additional tranches up to $25 million based on revenue milestones. The five-year credit agreement matures in 2029. As part of the closing, TriSalus issued OrbiMed a warrant to purchase shares worth $9.56.

Combined with current cash reserves, the financing extends TriSalus’ cash runway to 2025. Mary Szela, CEO of TriSalus, emphasizes that this capital will support the growth of TriNav, its PEDD technology, and its technology pipeline. The company aims for TriNav’s break-even EBITDA in 2025, reducing the need for near-term equity financing.

Matthew Rizzo of OrbiMed expressed their support for TriSalus, highlighting the funding’s role in providing financial flexibility and enabling the expansion of TriNav’s commercial and technology pipeline. The transaction was facilitated by Cantor Fitzgerald & Co. for TriSalus and Covington & Burling LLP for OrbiMed.

Source link: http://www.businesswire.com/news/home/20240430457282/en/TriSalus-Life-Sciences-Secures-up-to-50-million-of-Debt-Financing-with-OrbiMed-to-Support-TriNav%C2%AE-Infusion-System-Growth-Initiatives

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Ferry Darma
Ferry Darma is Director of Media Relations at The Clinical Trial Vanguard. Ferry, a computer data scientist, focuses on the latest clinical trial industry news and trends.