The line of credit expands the medical device company's financial capacity to continue to take advantage of new opportunities in medical device innovation--especially funding for new medical device inventors and innovators.
"We are profitable and don't need a loan for our existing medical device business," said founder and CEO Patrick Yi. "Instead, Regions Bank's evaluation of our company-and their decision to approve the line of credit-supports our reputation as a well-run small business with exciting plans for growth in the medical product industry."
In fact, the past 10 months have been exceedingly active for the thriving 10-year-old company. MediPurpose(
In November 2009, MediPurpose unveiled new divisions for Medical Device Innovation and Medical Product Distribution.
"I feel that this new relationship indicates the high level of confidence that we have in MediPurpose and its ability to grow within the healthcare sector," said Regions Bank Assistant Vice President Greg Latora.
Yi added, "With the success of our SurgiLance(r)
"We want to use our experience to help other medical device innovators introduce new product innovations to the global healthcare market and other medical device companies to expand their market reach."
About Regions Bank
Regions Financial Corporation, with $135 billion in assets, is a member of the S&P 100 Index and one of the nation's largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services.
Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,900 banking offices and 2,300 ATMs.
Its investment and securities brokerage trust and asset management division, Morgan Keegan & Company Inc., provides services from over 300 offices.
Additional information about Regions and its full line of products and services can be found at http://www.regions.com.
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Founded in 1999, MediPurpose is a leading medical device company headquartered in Singapore, with offices in the United States and Europe.
Known for its popular SurgiLance(r)
MediPurpose's Innovation division offers angel funding and developmental expertise for new medical device inventors and innovative medical product companies that seek entrance into new medical device markets.
For more information about MediPurpose's medical products and solutions for inventors, innovators, manufacturers and distributors, please visit http://www.medipurpose.com.