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TransEnterix Expands Debt Financing Agreement

Monday, August 17, 2015 5:14:00 AM PDT | VentureDeal
   Research Triangle Park, North Carolina  --  Medical device technology company TransEnterix (NYSE: TRXC) has announced the expansion of existing financing agreement with lenders.

The expansion calls for an increase of growth capital funds from $25 million to $30 million with its two banks, Oxford Finance and Silicon Valley Bank.

Concurrent with the announcement, the company said that it had reached agreed-upon milestones to draw down the first $20 million of the loan in two tranches.

TransEnterix must meet certain milestones in order to draw the final $10 million loan tranche.

TransEnterix provides technologies for the use of robotics and flexible instruments to improve minimally invasive surgery. Its flagship platform is the SurgBot System, which is a robotically enhanced laparoscopic surgical platform.

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