Menlo Park, Calif., December 15, 2014 – Nevro Corp. (NYSE:NVRO), a medical device company that has developed and commercialized an innovative, evidence-based neuromodulation platform for the treatment of chronic pain, is announcing that it completed its first draw down under the previously announced term loan facility with CRG LP (formerly known as Capital Royalty) and its affiliate funds ("CRG") for proceeds of $20 million before closing fees. The term loan facility gives the Company access to borrow up to $50 million, inclusive of the initial draw of $20 million.
About Nevro Corp.
Headquartered in Menlo Park, California, Nevro Corp. is a medical device company focused on providing innovative products that improve the quality of life of patients suffering from debilitating chronic pain. Nevro has developed and commercialized the Senza® spinal cord stimulation (SCS) system, an evidence-based neuromodulation platform for the treatment of chronic pain. The Senza system is the only SCS system that delivers Nevro’s proprietary HF10™ therapy. In the United States, the Senza system is limited by federal law to investigational use only. Senza, HF10, Nevro and the Nevro logo are trademarks of Nevro.
Founded in 2003, CRG (previously known as Capital Royalty L.P.) is a healthcare-focused investment firm with $1.5 billion of assets under management that provides capital to healthcare companies primarily through structured debt and senior secured loans. CRG works across the spectrum of life science products and technologies and targets investment sizes ranging between $20 million and $200 million. The firm partners with commercial-stage healthcare companies to provide flexible financing solutions so they can achieve their growth objectives. CRG is headquartered in Houston, Texas and has offices in Boulder, Colorado and New York City. For additional information, please visit www.crglp.com.
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