Company News »

Sensory NeuroStimulation Inc. Establishes $1.5 Million Credit Facility With Silicon Valley Bank

Business Wire
Share on StockTwits
Published on

Sensory NeuroStimulation, Inc., makers of the RelaxisTM device for treating Restless Legs Syndrome (RLS), has entered into a new credit agreement with Silicon Valley Bank, the company announced today.

The $1.5 million credit facility will support the company’s ongoing operations as it launches its breakthrough Relaxis system, the first and only FDA-cleared, non-pharmacologic solution for improving the quality of sleep in patients with primary RLS, a progressive neurological condition also known as Willis-Ekbom Disease (WED). The Relaxis device was designed to provide physical relief of RLS symptoms through the use of vibratory counterstimulation, and is available on a prescription-only basis in the U.S.

“We are pleased to have achieved this important corporate milestone, which will help us make Relaxis available to the millions of patients suffering from Restless Legs Syndrome across the nation,” said company Chairman and Relaxis inventor Fred Burbank, M.D.

“It is our pleasure to work with Sensory NeuroStimulation, and other innovative companies around the world that are bringing important medical advancements to the healthcare market,” said Brett Maver, director of Silicon Valley Bank in Irvine. “Our goal is to help the Sensory NeuroStimulation team move its business forward quickly with the right financing, connections and global services it needs as the company matures to its next phase of growth.”

About Relaxis and Sensory NeuroStimulation Inc.

Sensory NeuroStimulation, Inc., dba Relaxis, developed the pioneering Relaxis system, which is the first FDA-cleared, non-pharmacologic solution for improving the quality of sleep in patients with primary RLS. Based in San Clemente, Calif., the privately-held company was formed in 2009 after the company’s Chairman, Fred Burbank, M.D., began experiencing RLS and solutions other than medication to relieve the condition’s symptoms. Additional information about the company and its technologies is available at www.MyRelaxis.com.

About Silicon Valley Bank

Banking the world’s most innovative companies and exclusive wineries, SVB offers diverse financial services, knowledge, global networks, and world class service to increase our clients’ probability of success. With $36 billion in assets and more than 1,800 employees, we provide commercial, international and private banking through our locations around the world. Forbes Magazine ranks us among America’s Best Banks (2015) and Fortune named SVB one of the best places to work (2012). (Nasdaq: SIVB) www.svb.com. (SIVB-F)

Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System.

Share on StockTwits