Durham and Chapel Hil, NC/Oct. 29, 2002 - Comerica (NYSE: CMA), a leading financial services company, and TriVirix International, a medical device contract manufacturer, announced today that Comerica’s Technology and Life Sciences Division has provided the Chapel Hill company with a $2.5 million revolving line of credit. The funds will be used for working capital.
"We are pleased to provide this credit facility to TriVirix, one of the many innovative life sciences companies that calls the Research Triangle home," said Kenneth Clark, senior vice president and regional manager of Comerica’s Technology and Life Sciences Division. "Comerica is committed to working with venture-backed technology and life sciences companies of all sizes, providing them with the opportunity to work with a premier bank that is focused on building relationships."
TriVirix manufacturers complex medical devices like dialysis machines, defibrillators and electronic diagnosis machinery on an outsource basis, allowing its customers to focus on areas such as innovation and sales. The company has experienced rapid growth in the past year, primarily as a result of two acquisitions, one in Minnesota and the other in Northern Ireland. TriVirix has received funding from a number of sources, including Durham-based The Aurora Funds.
"We are pleased to see Comerica step up and provide financial support to TriVirix," said Jeff Clark, managing general partner at The Aurora Funds. "Comerica has historically proven to be a strong partner, and we are glad to have them participate in another deal."
"Since our market is forecast for tremendous growth, it is critical that we have capital to keep pace," said Richard West, TriVirix’s CEO. "We are confident that Comerica’s understanding of the life sciences sector and the bank’s wealth of resources will prove beneficial for the long term."
About TriVirix International Inc.
TriVirix provides manufacturing and related services to the medical device and related life science industries.The company currently has contracts to develop and manufacture electronic equipment for hemodialysis and blood analysis, hearing screening, cardiac measurement and defibrillation, patient monitoring, and various other medical diagnostic and therapeutic and biotech measurement and analysis applications.
About Comerica’s Technology and Life Sciences Division
Comerica’s Technology and Life Sciences Division is one of the nation’s leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. From 19 offices located across the U.S., Comerica’s Technology and Life Sciences Division serves all major technology centers. Comerica is among the 20 largest banking companies in the nation, with $52.6 billion in assets.
Media Contacts:
Richard West
TriVirix International
(919) 259-9009
rwest@trivirix.com
or
Adrienne Moch
Pacifico (for Comerica’s Technology and Life Sciences Division)
(408) 293-8600 x319
amoch@pacifico.com
or
Keith Turner
Comerica Bank-California
(408) 556-5111
keith_turner@comerica.com
