04:27:51 EST Thu 02 Feb 2023
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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,692,428
Close 2022-09-15 C$ 64.13
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CIBC provides $60M debt financing to TransMedics Group

2022-09-15 10:42 ET - News Release

Ms. Katarina Milicevic reports


Canadian Imperial Bank of Commerce's CIBC Innovation Banking has provided a new debt financing for Massachusetts-based TransMedics Group Inc., a market-leading medical technology company that focuses on organ transplant therapy for patients with end-stage lung, heart and liver failure. TransMedics plans to use the incremental growth capital to accelerate its commercial momentum, helping to grow transplant volume and improve clinical outcomes.

Founded in 1998, TransMedics was built to address the need for more donor organs. The company has developed a national organ care system (OCS) program focused on establishing a new standard of care by addressing the limitations of cold storage while transporting donor organs.

"We are pleased to have secured a non-dilutive debt financing, enabling us to retire our existing debt facility while providing TransMedics with incremental financial flexibility to continue to scale the business," said Waleed Hassanein, MD, president and chief executive officer of TransMedics. "We look forward to working with CIBC Innovation Banking long-term as we continue to grow our market presence."

"CIBC Innovation Banking is proud to support TransMedics in its pursuit to transform the standard of care for organ transplantation," said Joe Hammer, co-head, North American life science and health care, CIBC Innovation Banking. "We are excited to work with the management team as they scale and help save lives around the globe."

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and financing to innovation companies across North America, the United Kingdom and select European countries at each stage of their business cycle, from start-up to IPO (initial public offering) and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC's commercial banking and capital markets businesses in the United States, Canada, the United Kingdom and select European markets.

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