York, NY, April 5, 2017 – Deerfield Management
Company announced today that it has committed to provide up to $170 million to Endologix,
Inc. in a combination of senior secured notes and a working capital facility.
is a marketer and developer of innovative, minimally invasive technologies that
provide personalized treatments to patients suffering from Abdominal Aortic
Aneurysms (AAA). The company’s unique
approach to addressing key issues, such as challenging anatomies, difficult
access, and aneurysm sealing, provides patients with improved outcomes and may
reduce procedure length and hospital stay with Endovascular Aneurysm Repair
(EVAR), Percutaneous Endovascular Aneurysm Repair (PEVAR), and Endovascular
Aneurysm Sealing (EVAS) procedures.
facility provided by Deerfield is comprised of $120 million of senior secured notes
and a $50 million revolving line of credit.
Warrants to purchase 6.47 million shares were included as part of the
senior notes. This financing provides
Endologix with capital to retire certain existing debt, as well as fund its
development and marketing of EVAR, PEVAR, and EVAS platforms and its procedure
believe Endologix’s portfolio provides a broad and innovative range of options
for treating AAA patients, from relatively routine cases to complex disease. As
recently launched products continue to gain traction and the pipeline matures,
we expect Endologix to play an important role in enhancing the standard of
care, especially in patients with difficult-to-treat disease,” stated Avi
Kometz, Partner at Deerfield Management Company.
“We are excited to partner with Deerfield, a
leading healthcare investor, to advance our groundbreaking AAA technologies by
providing a broad and flexible financing solution to fit our needs,” remarked Vaseem
Mahboob, Chief Financial Officer at Endologix, Inc. “Deerfield’s creative and collaborative
process led to a complete financing package that will address both our
financing and market research needs.”
About Endologix, Inc.
Inc. develops and manufactures minimally invasive treatments for aortic
disorders. The Company’s focus is
endovascular stent grafts for the treatment of abdominal aortic aneurysms
(AAA). AAA is a weakening of the wall of
the aorta, the largest artery in the body, resulting in a balloon-like
enlargement. Once AAA develops, it
continues to enlarge and, if left untreated, becomes increasingly susceptible
to rupture. The overall patient
mortality rate for ruptured AAA is approximately 80%, making it a leading cause
of death in the United States. For more
information, visit www.endologix.com.
Deerfield is an investment management firm
committed to advancing healthcare through investment, information and philanthropy. For more information, please visit www.deerfield.com
Deerfield Management Company
Karen Heidelberger, 212-692-7140