Aerin Medical, Inc. (“Aerin”), a medical technology company focused on improving the quality of life for patients suffering with nasal airway disorders through the development and commercialization of disruptive minimally-invasive treatments, announced that it closed on a $50 million non-dilutive term loan agreement with CRG LP, a healthcare focused investment firm.
Aerin received $35 million at closing and will receive an additional $15 million in two tranches upon achieving certain milestones. The Company used approximately $16.5 million of these proceeds to retire its existing debt. The remaining proceeds will be used to accelerate Aerin’s sales and marketing reach and to launch its next product.
Luke Düster, Partner of CRG, stated, “CRG is pleased to provide Aerin with an optimal financing structure that supports the Company’s growth initiatives for its proprietary Vivaer technology.”
Kevin Reilly, Vice President of CRG added, “Aerin’s technology provides a safe, minimally invasive procedure that is proven to deliver strong patient outcomes. We are excited to partner with a Company and technology that has such a high patient satisfaction while delivering an ideal office-based treatment option for ENTs.”
Fred Dinger, Chief Executive Officer of Aerin Medical commented, “CRG is the ideal partner for Aerin giving us the right level of financing and structure to fuel our growth and should allow us to transition to becoming cash flow positive without the need for additional equity. CRG has provided the long-term capital that will enable us to expand our sales footprint, increase our marketing efforts and bolster our clinically proven product pipeline.”