Deerfield Management Company Invests $170 Million to Advance Aortic Disorder Treatment

Wednesday, April 5, 2017 Corporate News
Email Print This Page Comment bookmark
Font : A-A+

NEW YORK, April 5, 2017 /PRNewswire/ -- Deerfield Management Company announced today that it has committed to provide up

to $170 million to Endologix, Inc. in a combination of senior secured notes and a working capital facility.  

Endologix is a marketer and developer of innovative, minimally invasive technologies that provide personalized

treatments to patients suffering from Abdominal Aortic Aneurysms (AAA).  The company's unique approach to addressing key issues, such as challenging anatomies, difficult access, and aneurysm sealing, provides patients with improved outcomes and may reduce procedure length and hospital stay with Endovascular Aneurysm Repair (EVAR), Percutaneous Endovascular Aneurysm Repair (PEVAR), and Endovascular Aneurysm Sealing (EVAS) procedures.

The facility provided by Deerfield is comprised of $120 million of senior secured notes and a $50 million revolving line of credit.  Warrants to purchase 6.47 million shares were included as part of the senior notes.  This financing provides Endologix with capital to retire certain existing debt, as well as fund its development and marketing of EVAR, PEVAR, and EVAS platforms and its procedure planning software.

"We believe Endologix's portfolio provides a broad and innovative range of options for treating AAA patients, from relatively routine cases to complex disease. As recently launched products continue to gain traction and the pipeline matures, we expect Endologix to play an important role in enhancing the standard of care, especially in patients with difficult-to-treat disease," stated Avi Kometz, Partner at Deerfield Management Company.

"We are excited to partner with Deerfield, a leading healthcare investor, to advance our groundbreaking AAA technologies by providing a broad and flexible financing solution to fit our needs," remarked Vaseem Mahboob, Chief Financial Officer at Endologix, Inc.  "Deerfield's creative and collaborative process led to a complete financing package that will address both our financing and market research needs."

About Endologix, Inc.Endologix, Inc. develops and manufactures minimally invasive treatments for aortic disorders.  The Company's focus is endovascular stent grafts for the treatment of abdominal aortic aneurysms (AAA).  AAA is a weakening of the wall of the aorta, the largest artery in the body, resulting in a balloon-like enlargement.  Once AAA develops, it continues to enlarge and, if left untreated, becomes increasingly susceptible to rupture.  The overall patient mortality rate for ruptured AAA is approximately 80%, making it a leading cause of death in the United States.  For more information, visit www.endologix.com.

About Deerfield Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.  For more information, please visit www.deerfield.com

ContactsDeerfield Management CompanyKaren Heidelberger, [email protected]

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/deerfield-management-company-invests-170-million-to-advance-aortic-disorder-treatment-300434775.html

SOURCE Deerfield Management Company



Post your Comments

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
* Your comment can be maximum of 2500 characters
I agree to the terms and conditions

News A - Z

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

News Search

Medindia Newsletters

Subscribe to our Free Newsletters!

Terms & Conditions and Privacy Policy.

Advertisement
Find a Doctor
Advertisement

Press Release Category

Press Release Archive

Stay Connected

  • Available on the Android Market
  • Available on the App Store

Facebook