San Clemente-based CareTrust REIT Inc. is loading up on credit as it tries to maintain growth.
The company said this month that it replaced its existing secured term revolving credit line with a new unsecured line that doubles its borrowing capacity to $300 million.
CareTrust owns, acquires and leases senior housing and other healthcare-related properties. It was created last year when Mission Viejo-based Ensign Group Inc. spun off its real estate.
The company said the new line also has what’s called an “accordion feature” that could puff up its borrowing capacity to $500 million.
CareTrust’s increased credit line “not only represents a significant vote of confidence from the financial community, but more importantly better supports our immediate and long-term growth and investment opportunities,” said Chief Executive Greg Stapley.
He said that the added borrowing capability “frees management to spend more time pursuing additional growth opportunities—both large and small—and allows us to do so with greater efficiency and transactional certainty.”
Raymond James Bank NA, KeyBanc Capital Markets Inc., and BMO Capital Markets are the credit line’s joint lead arrangers and book managers.
CareTrust has three operated senior-housing properties and 104 leased properties in 14 states.
Cold Genesys Raises $10M
Santa Ana-based Cold Genesys Inc. said this month that it raised $10 million in a second round of financing.
The privately held company develops oncolytic immunotherapy drugs to fight cancer.
It said in a news release that it’s using the money to advance a clinical trial of its lead compound, CG0070, in patients with high-risk, nonmuscle invasive bladder cancer, plus developing a combination of CG0070 with immune checkpoint modulators.
San Francisco-based WI Harper Group and Hong Kong-based Ally Bridge Group led the funding. Cold Genesys said that Arthur Kuan, a founding member of Ally and its chief operating officer, will join the board of directors in connection with the investment.
$8M in Financing for Cianna
Aliso Viejo-based medical device maker Cianna Medical Inc. recently said it raised a total of $8 million in two separate financing transactions.
It makes the Savi device, which is used in breast cancer surgery and delivers individualized radiation therapy. The company says Savi decreases toxicity and reduces treatment times from several weeks to five days.
Cianna said it plans to use the money to launch its newest product, the Savi Scout. The device uses passive, nonradioactive electromagnetic waves to guide surgeons during excisional breast procedures.
The company received $4 million in debt financing from GE Capital and raised another $4 million in equity from the sale of preferred stock to its current venture capital investors, including San Rafael-based Fog City Fund and Novo Ventures in Denmark.
OvaGene Works With Etta
Irvine-based molecular diagnostic company OvaGene Oncology Inc. and Etta Inc. in Minneapolis are working together to commercialize multiplexed molecular diagnostic tests to monitor gynecological cancer and precancerous conditions.
OvaGene’s partnership with Etta also includes opportunities to perform research studies, clinical trials and development of new tests, according to a news release.
Etta also is a molecular diagnostic company.
Bits & Pieces
Tustin-based Toshiba America Medical Systems Inc. named Satrajit Misra vice president of marketing. Misra was most recently the senior director of Toshiba America Medical’s CT business unit. Toshiba America is a unit of Toshiba Corp. in Japan. … NextGen Healthcare Information Systems, a unit of Irvine-based Quality Systems Inc., is now connected with the Massachusetts Health Information HIway in order to ensure secure exchange of patient information for healthcare providers practicing in the state, according to a news release. … MemorialCare Medical Group-San Juan Capistrano has moved to 31001 Rancho Viejo Road. … Aliso Viejo-based OrthAlign Inc. signed a deal with Lima Corporate SPA in Italy to distribute its KneeAlign device in Europe. KneeAlign is used in total-knee arthoplasty surgeries. … Los Angeles-based UCLA Health is now providing doctor services in the Fountain Valley and Anaheim offices of 21st Century Oncology of California. … New York-based EHE International recently certified the Newport Center Medical Group in Newport Beach as an EHE-certified preventive care center. EHE is a preventive medicine specialist that develops clinical protocols for early detection of preventable diseases and associated risk factors.
