Runway Growth Capital LLC has provided a $30 million loan to Intact Vascular, a developer of medical devices for minimally invasive peripheral vascular procedures. Also, Runway has opened an office in San Diego, California, with the loan being its first transaction.
WOODSIDE, Calif., July 9, 2020 /PRNewswire/ — Runway Growth Capital LLC (“Runway” or the “Company”), a leading lender of growth capital to both venture and non-venture backed companies seeking an alternative to raising equity, announced today the launch of its San Diego office and close of a senior secured term loan of $30 million with Intact Vascular, a developer of medical devices for minimally invasive peripheral vascular procedures. This is the first transaction originated by Runway’s San Diego office.
Under the direction of Rob Lake, Managing Director and Head of the Life Sciences practice, Runway’s San Diego office is set to become the central hub of the company’s national healthcare and life sciences offering. Lake recently joined Runway from Bridge Bank to found the company’s first dedicated Life Sciences practice. The launch of the San Diego office and origination of its first loan with Intact Vascular is the culmination of Runway identifying opportunities in the life sciences ecosystem and a focus on diversifying the Company’s portfolio.
Intact Vascular is the developer of the FDA approved Tack Endovascular System®, designed to repair multiple types of dissections following peripheral balloon angioplasty. The system is designed to minimize vessel inflammation, promote healing, improve outcomes, and preserve future treatment options for peripheral arterial disease patients.
Runway provided non-dilutive capital to help fund the commercialization and further development of Intact Vascular’s Tack Endovascular System for above-the-knee (ATK) and below-the-knee (BTK) dissection repair, which is the first-of-its-kind implant targeting a large market where there are minimal treatment options.
“Healthcare and life sciences companies offer substantial enterprise value and represent a significant portion of the overall technology and innovation landscape in the U.S.,” said Lake. “A dedicated Runway office that provides venture debt to healthcare and life sciences companies opens up a whole new world of investment opportunities for our portfolio, and in turn provides borrowers in these sectors with access to seasoned lenders with a great track record and deep domain knowledge in biopharma, biotechnology, diagnostics, and medical devices.”
“I couldn’t be more pleased with how quickly and efficiently San Diego has ramped up its support of health and life sciences, in addition to the efforts from our teams in Chicago, New York, and Silicon Valley, as we continue to grow our base of knowledge and expertise in these sectors,” said David Spreng, CEO of Runway. “It’s a testament to Rob’s wherewithal, smarts and determination to underwrite, close and support new life sciences investments, that in turn will become the backbone of the San Diego office.”
The San Diego office will continue Runway’s efforts to thoughtfully structure loans that support the growth of healthcare and life sciences businesses, to meet the needs of both entrepreneurs and institutional equity holders.
About Runway Growth Capital LLC and Runway Growth Credit Fund, Inc.
Runway Growth Capital LLC is the investment advisor to Runway Growth Credit Fund Inc., a lender of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, the Fund provides senior term loans of $10 million to $50 million to fast-growing companies based in the United States and Canada. The Fund is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940. For more on the Fund and its manager, Runway Growth Capital LLC, please visit our website at www.runwaygrowth.com.