ASHEVILLE — Life sciences company Avadim Health Inc. raised $60 million in debt financing in an effort to support the growth of the company.

Of the amount, $20 million of the capital raise is an accordion facility. An accordion facility is an incremental loan that gives the company the right to increase its line of credit up to the amount specified.

Steve Woody, chairman and chief executive officer of Avadim, said that the investment will allow the company to continue growing.

“Hayfin’s investment will allow us to continue to drive execution and support the company’s strong growth trajectory,” said Woody.

London-based Hayfin Capital Management invested the $40 million in debt financing. Founded in 2009, Hayfin focuses on providing lending solutions to its clients.

Avadim was founded in 2007 with a mission to identify unmet needs through a portfolio of advanced, safe solutions.

One of its main products is Theraworx. Theraworx Protect focuses on the reduction of hospital-acquired conditions. Theraworx Relief is foam or spray that serves to mitigate the development of muscle cramps.

The announcement can be found here.

This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism