Blue Belt Technologies closed a senior secured term loan from CR Group.
Here are four things to know:
1. The loan is for up to $40 million of capital.
2. The company plans to use the funds to "continue our established momentum, grow our commercial footprint and expand our technology platform across multiple specialties," said Eric B. Timko, president and CEO of Blue Belt Technologies. Blue Belt will also use the capital to further collaborate with strategic partners.
3. Blue Belt Technologies is an orthopedic surgical technology company, and its flagship product, the Navio Surgical System, received CE Mark and U.S. Food and Drug Administration 510(k) clearance in 2012. The company recently announced that Jose Bossolo, MD, performed the 500th Navio assisted partial knee replacement surgery, worldwide, at Valley Baptist Medical Center in Brownsville, Texas.
4. CR Group is a healthcare-focused investment firm that provides capital to healthcare companies primarily through structured debt and senior secured loans.
"Blue Belt Technologies represented a unique and compelling investment opportunity for CRG. We were impressed with the company's track record that showed a history of completing important milestones on time and on budget. Over the past few months, Blue Belt has executed co-marketing agreements with major players in the space, with more expected to follow, expanded its bench strength, released a new application and has significantly progressed in the development of new applications that fulfill unmet clinical needs in orthopedics. We are pleased to provide Blue Belt with capital to invest in long term growth and continue the momentum that they have established," said Charles Tate, chairman of CR Group.
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