- Austin, Texas-based Aerin Medical helps improve the quality of life for patients suffering from nasal airway disorders
- Recently, Aerin Medical closed a $50 million non-dilutive term loan agreement with CRG LP
Austin, Texas-based Aerin Medical is a medical technology company that is focused on improving the quality of life for patients suffering from nasal airway disorders through the development and commercialization of disruptive minimally-invasive treatments.
Recently, Aerin Medical announced it closed a $50 million non-dilutive term loan agreement with CRG LP — which is a healthcare-focused investment firm.
“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,” said Aerin Medical CEO Fred Dinger in a statement. “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.”
Aerin had received $35 million at closing and is going to receive an additional $15 million in two tranches upon achieving certain milestones. With this loan agreement, Aerin will be using $16.5 million to retire its existing debt. And the remaining proceeds will be used for accelerating Aerin’s sales and marketing reach and to launch its next product.
“CRG is pleased to provide Aerin with an optimal financing structure that supports the Company’s growth initiatives for its proprietary Vivaer technology,” added CRG partner Luke Düster.
Aerin Medical is known for manufacturing and marketing the Vivaer Nasal Airway Remodeling System for the treatment of nasal obstruction. Performed in a physician’s office, the Vivaer Nasal Airway Remodeling System improves nasal breathing with results comparable to surgery.
“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,” explained CRG VP Kevin Reilly.
