Oxford Finance and Silicon Valley Bank Provide $15 Million Senior Credit Facility to NanoString Technologies
ALEXANDRIA, Va., April 3, 2012 /PRNewswire/ -- Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, today announced a $15 million round of debt financing for NanoString Technologies, Inc. ("NanoString"). The financing package, which was awarded to NanoString from both Oxford and Silicon Valley Bank, included a $13 million senior secured term loan and a $2 million revolving line of credit. Proceeds of the term loan will fund the company's growth, and the revolver will be used for working capital.
"NanoString has a novel and cost-saving technology that will greatly benefit a variety of discovery and translational research applications," said Christopher A. Herr, managing director for Oxford Finance. "Oxford is very pleased to provide capital to support NanoString's ongoing growth and product distribution, as well as the expected launch of its first in vitro diagnostic product, a breast cancer assay based on the PAM50 gene expression signature."
"While NanoString continues its pursuit of new trials and regulatory approvals, this financing is intended to give the company the additional financial runway it needs to meet its milestones," said Brian Boatman, senior relationship manager for Silicon Valley Bank. "We are committed to bringing our experience with successful life sciences companies to the table and are pleased to help NanoString grow the diagnostics side of its business."
"This facility further strengthens NanoString's balance sheet, allowing us to continue growing our core life sciences business while aggressively pursuing the diagnostics opportunity," said Wayne Burns, NanoString's Chief Financial Officer. "Oxford and SVB have been efficient and constructive capital partners, and we look forward to working together."
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 $1.5 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, Illinois, Massachusetts 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 26 U.S. offices and seven 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 NanoString Technologies
NanoString Technologies is a privately held provider of life sciences tools for translational research and developer of molecular diagnostics. The company's nCounter® Analysis System is the first and only technology platform to deliver highly multiplexed, direct profiling of individual molecules in a single reaction without amplification. The nCounter Analysis System offers a cost-effective way to easily profile hundreds of gene transcripts, copy number variations, or miRNAs simultaneously with high sensitivity and precision. The company's technology enables a wide variety of basic research and translational medicine applications, including biomarker discovery and validation. NanoString is also developing the technology for use in molecular diagnostics.
SOURCE Oxford Finance LLC