September 16, 2005 – PHOENXVILLE, PA, USA PRNewswire – Globus Medical, Inc., one of the ten largest spinal implant manufacturers in the U.S., announced today that the company has closed on a $10 million credit facility from Silicon Valley Bank (SVB) in Santa Clara, California. The funds will be utilized to finance the company’s rapidly expanding distribution network across the U.S.
Dave Demski, Chief Financial Officer for Globus, stated, “While we continue to enjoy exceptional profitability, our recent and planned expansion across the U.S. creates a tremendous need for equipment and instruments. SVB’s support not only provides the capital required to fuel our continued growth, it is also a tremendous vote of confidence in Globus and the work we are doing.”
“We’re pleased to intensify our relationship with Globus at a time when the company is quickly emerging as a major player in spinal technology,” said Dave Rodriguez, Vice President, Silicon Valley Bank. “We look forward to facilitating the company’s growth with our suite of diverse financial services.”
About Globus Medical, Inc.
Globus Medical, Inc. is one of the ten largest spinal implant manufacturers in the U.S. Based in Phoenixville, Pennsylvania, the company was founded in 2003 by an experienced team of spine professionals with a shared vision to create products that enable spine surgeons to employ both fusion and non-fusion solutions to promote healing in patients with spinal disorders. Today, Globus is one of the fastest growing companies in the spinal device industry with more than $45 million in annualized revenue. The company offers a complete portfolio of spinal fusion products, and is among the world leaders in the development of motion sparing technology. Additional information can be accessed at http://www.globusmedical.com.
About Silicon Valley Bank
Silicon Valley Bank provides diversified financial services to emerging growth and mature companies in the technology, life science, private equity and premium wine industries. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients’ success. Founded in 1983 and headquartered in Santa Clara, California, the company serves clients around the world through 27 domestic offices and two international subsidiaries in the U.K. and India. More information on the company can be found at http://www.svb.com/.