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Vericel Enters Into $10 Million Credit Facility and $5 Million Term Loan Agreement With Silicon Valley Bank
Mar. 09, 2016 09:34AM PST
Biotech InvestingVericel Corporation (NASDAQ:VCEL) announced that it has entered into a term loan and revolving line of credit agreement with Silicon Valley Bank, providing access to up to $15 million of new capital to the company to be used for general corporate purposes.
Vericel Corporation (NASDAQ:VCEL) announced that it has entered into a term loan and revolving line of credit agreement with Silicon Valley Bank, providing access to up to $15 million of new capital to the company to be used for general corporate purposes.
According to the news:
Additional details concerning the credit facility and term loan will be contained in the company’s Current Report on Form 8-K to be filed shortly with the Securities and Exchange Commission.
Vericel’s chief financial officer and vice president of corporate development Gerard Michel:
These loan facilities provide the flexibility, at a low cost of capital, to invest in our key future growth drivers, Epicel and MACI, without diluting our current shareholders.
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