Vericel (VCEL) Announces Expanded $20 Million Credit Facility and Term Loan

September 12, 2016 8:03 AM EDT

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Vericel Corporation (NASDAQ: VCEL), a leading developer of autologous expanded cellular therapies for the treatment of severe diseases and conditions, announced today that it entered into an expanded term loan and revolving line of credit agreement with Silicon Valley Bank and MidCap Financial Services (MidCap Financial), providing access to up to $20 million of capital to the company to be used for general corporate purposes. As of the quarter ended June 30, 2016, Vericel had an outstanding balance of $2.4 million under an existing agreement with Silicon Valley Bank which will be replaced with the expanded facility with Silicon Valley Bank and MidCap Financial. 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 with the Securities and Exchange Commission.

"We are pleased to expand our relationship with Silicon Valley Bank and also to partner with MidCap Financial, and we appreciate their confidence in our business," said Vericel’s chief financial officer and vice president of corporate development, Gerard Michel. "This expanded loan facility strengthens our balance sheet considerably as we approach the January 3, 2017 MACI PDUFA goal date.”

Katherine Andersen, managing director of Silicon Valley Bank, commented, “Vericel is driving important advancements in cell therapy and it is our pleasure to expand our partnership to support their continued efforts.”

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