Oxford Finance and Silicon Valley Bank Expand Existing Senior Credit Facility with Sorrento Therapeutics to $12.5 Million
ALEXANDRIA, Va., April 16, 2014 /PRNewswire/ -- Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, and Silicon Valley Bank, today announced a $7.5 million expansion to an existing $5 million term loan with Sorrento Therapeutics, Inc ("Sorrento"). Proceeds of the loan will be used to advance the development of multiple programs and platforms.
"Oxford values the existing relationship it has with Sorrento, and we are pleased to provide financial support as the company continues to advance the development of its lead asset, Cynviloq™," said Christopher A. Herr, managing director for Oxford Finance. "Since Cynviloq™ is a next-generation version of an existing drug, Oxford is confident in the ability of Sorrento's seasoned management team to obtain product approval."
"We aim to help our innovative clients succeed as they grow," said Michael White, managing director for Silicon Valley Bank. "To do that they need our support throughout their lifecycle as they meet their milestones and develop new treatments. We're proud to be able to offer that ongoing support to Sorrento. It is particularly rewarding to work with this team, knowing that their goal is to help people suffering from cancer."
"Strategically, it is very important for Sorrento to fund its programs with non-dilutive capital," said Richard G. Vincent, executive vice president and chief financial officer of Sorrento Therapeutics. "Oxford and Silicon Valley Bank have been supportive of Sorrento's business goals and we appreciate that they are providing additional financing to help support our further development of essential cancer treatments."
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $2 billion in loans, with lines of credit ranging from $500 thousand to $50 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Massachusetts, Illinois and North Carolina. For more information visit www.oxfordfinance.com.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life sciences, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 28 U.S. offices and six international operations. (Nasdaq: SIVB) www.svb.com.
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. SVB Financial Group is also a member of the Federal Reserve System.
About Sorrento Therapeutics, Inc.
Sorrento is a late-stage, clinical oncology company developing new treatments for cancer and its associated pain. Sorrento's most advanced asset Cynviloq™, the next-generation paclitaxel, commenced its trial in March 2014 and will be developed under the abbreviated 505(b)(2) regulatory pathway. Sorrento is also developing RTX, a non-opiate TRPV1 agonist currently in a Phase 1/2 study at the National Institutes of Health to treat terminal cancer patients suffering from intractable pain. The Company has made significant advances in developing human monoclonal antibodies, complemented by a comprehensive and fully integrated Antibody Drug Conjugate (ADC) platform that includes proprietary conjugation chemistries, linkers, and toxic payloads. Sorrento's strategy is to enable a multi-pronged approach to combating cancer with small molecules, therapeutic antibodies, and ADCs.
SOURCE Oxford Finance