ALEXANDRIA, Va., Aug. 19, 2014 /PRNewswire/ -- Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, today announced the closing of a $10 million senior secured term loan agreement with Senseonics, Incorporated ("Senseonics"). Proceeds of the loan will be used to fund the ongoing development of an implantable continuous glucose monitoring system for people with diabetes.
"Senseonics is on the verge of introducing a highly innovative and reliable technology for glucose monitoring," said Christopher A. Herr, managing director for Oxford Finance. "We are pleased to provide financing to further the development of such a novel product."
"This new credit facility follows Senseonics' $20 million private equity financing from earlier this summer that will better position us to complete our product development program, including the European and U.S. pivotal trials for regulatory submission and approval," said Tim Goodnow, chief executive officer and president of Senseonics. "We're delighted to have such a supportive partner in Oxford Finance, and we look forward to a long lasting relationship."
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 $75 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 Senseonics, Incorporated
Senseonics, Incorporated (formerly Sensors for Medicine and Science, Inc.) is developing the first fully implantable continuous glucose sensor designed for highly accurate, long-term wear. The Senseonics Continuous Glucose Monitoring System includes a miniaturized sensor, transmitter and mobile medical application. Based on proprietary breakthrough fluorescence sensing technology, the sensor is designed to be inserted into the subcutaneous space of the upper arm and communicate with the transmitter to wirelessly transmit glucose levels to a smartphone. After insertion, the sensor functions automatically and continuously. The system is intended to enable people with diabetes to confidently live their lives with ease. For more information visit www.senseonics.com.
SOURCE Oxford Finance