NEW YORK–(BUSINSS WIRE)–TapestryHealth, a multi-specialty healthcare company that utilizes advanced radar technology and AI to evaluate and effectively treat patients in skilled nursing facilities and other post-acute environments, today announced that it completed a credit financing for up to $25 million from Catalio Capital Management, a leading multi-strategy investment firm focused on healthcare and life sciences. The term loan is an investment from Catalio’s Structured Opportunities strategy, which provides creative and flexible structured capital solutions to healthcare and life science companies.
“Catalio’s backing attests to a belief in our accelerated growth plan, scalable model, operating strategy, high-impact team, and strong trajectory. This investment also further validates the unique value proposition of TapestryHealth’s drive to change the dynamics of skilled nursing care.”
The senior secured term loan provides TapestryHealth an initial draw of $10 million at close, with an additional $15 million available at the company’s option. The credit facility matures in July 2027. TapestryHealth will use the funds to continue its expansion into new facilities and refinance existing corporate debt, maturing in March 2024.
“Catalio is delighted to partner with TapestryHealth as it seeks to expand its remote monitoring and chronic care management capabilities across a growing footprint of skilled nursing facilities,” said Catalio Capital Management Head of Credit, John Henry Iucker, who will also be joining the company’s Board as an Observer. “This flexible credit facility demonstrates the increasing importance of creative structured capital solutions in financing the growth of innovative, ambitious healthcare companies amid a challenging economic and fundraising environment.”
“Catalio’s financing allows TapestryHealth to deliver fully integrated care to over 75,000 residents in skilled nursing facilities. Tapestry’s innovative AI-powered insights provide clinicians with novel tools that increase efficiency and deliver vastly improved patient care and outcomes. Tapestry has created a complete safety net of care for every resident in its skilled nursing ecosystem, elevating the standard of on-site medical care for skilled nursing facilities,” said TapestryHealth Chief Executive Officer, Mark Hirschhorn. “Catalio’s backing attests to a belief in our accelerated growth plan, scalable model, operating strategy, high-impact team, and strong trajectory. This investment also further validates the unique value proposition of TapestryHealth’s drive to change the dynamics of skilled nursing care.”
About Catalio Capital Management
Catalio Capital Management, LP, is a multi-strategy healthcare and life sciences investment firm focusing on breakthrough companies developing the next generation of drugs, devices, diagnostics, and data-driven insights. Catalio’s Partnership includes over 44 world-renowned scientists with extensive academic and scientific achievements who have each started well-established companies based on their research. Catalio has offices in New York and London. Learn more about Catalio Capital Management by visiting www.cataliocapital.com.
TapestryHealth is a nationwide multi-specialty healthcare company that utilizes advanced radar technology and AI enabling clinicians to deliver both in-person and remote care to residents in skilled nursing facilities and other post-acute environments. Tapestry’s team of doctors, PAs, NPs and multiple medical specialists see patients at their bedsides, 24/7, making daily rounds, and building relationships with patients and their families. Tapestry’s artificial intelligence and machine learning protocols provide in-depth analysis at the patient, facility and national levels, which allows them to identify potentially at-risk patients before the onset of symptoms. Learn more at tapestryhealth.com.