GE Capital, Healthcare Financial Services, an operating unit of General Electric Company (GE), recently acted as an administrative agent to close a senior secured credit facility worth $8.5 million for TYRX, Inc. The transaction will likely enhance the liquidity of TYRX and facilitate the working capital requirements to fuel further growth.
Since its inception in 1998, TYRX has provided cost-effective solutions for surgical-site infections (SSIs) and inflammatory tissue-reaction associated with cardiac implanted medical devices such as pacemakers and defibrillators. The company manufactures a broad range of drug-device combination products utilizing a novel polymer technology and a world-wide license from Rutgers, The State University of New Jersey. In addition, TYRX also has a license from Baylor College of Medicine and The University of Texas M. D. Anderson Cancer Center to address the problems of post-surgical infection and fibrosis.
The company anticipates utilizing its technological expertise to manufacture such products for the worldwide market, which is expected to be the highest growth segment in the medical products industry. Medical implant-related infections and fibrosis reportedly add an estimated $3.8 billion to annual U.S. healthcare costs. With a market clearance for a number of products and proprietary technologies, TYRX is strategically positioned to capitalize on this segment in the imminent future. The debt financing by General Electric is expected to work a long way in its continuous endeavor to fulfill such social commitments for the overall improvement of patients.
General Electric is one of the largest and the most diversified technology and financial services corporations in the world, competing with industry bigwigs such as Federal Signal Corp. (FSS), Tyco International Ltd. (TYC), and ITT Corporation (ITT). With products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content and industrial products, it serves customers in more than 100 countries and employs more than 287,000 people worldwide.
Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital. With more than $60 billion in financing over 10 years to various companies in the healthcare sector, GE Capital, Healthcare Financial Services possesses an in-depth industry know-how and expertise. General Electric currently has a Zacks Rank #4 (Sell).