ALEXANDRIA, Va., Jan. 10, 2011 /PRNewswire/ -- Oxford Finance Corporation (Oxford), a subsidiary of Sumitomo Corporation, today announced that it is providing a $5 million revolving line of credit to co-borrowers, Comprehensive NeuroScience, Inc. (CNS) and Care Management Technologies, Inc. (CMT). CNS is a strategic clinical research partner with expertise in central nervous system disorders and multiple therapeutic areas, research methodologies, regulatory requisites and evolving patient needs. CMT provides deep clinical analysis and extensive experience in behavioral health.
"Oxford is pleased to provide working capital to support the day-to-day operations of CNS and CMT," said Chad D. Norman, managing director for Oxford Finance. "Both companies have an impressive management team and a great reputation in the industry for providing quality research to improve disease management and patient care."
"We are excited about our new relationship with Oxford and look forward to their support as our financial partner as we continue to expand and improve both businesses," said Jack McGovern, chief executive officer of CNS and CMT. "When we looked to refinance our business, we received several strong financing proposals. We chose to work with Oxford because of its responsive and knowledgeable team with deep experience and the firm's outstanding reputation."
About Oxford Finance Corporation
A subsidiary of Sumitomo Corporation, Oxford is a specialty finance firm providing senior secured loans to public and private life science 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 $40 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Massachusetts and North Carolina. For more information visit www.oxfordfinance.com.
About Comprehensive NeuroScience, Inc.
Comprehensive NeuroScience, Inc. (CNS), with Operations Headquarters in Miramar, Florida and Corporate offices in Nutley, New Jersey, is a strategic clinical research partner providing a full range of clinical development services in various therapeutic areas. It has an outstanding record for consistently delivering quality and success on time and within budget. With a solid track record of collecting important early efficacy data across various patient populations, CNS offers distinct capabilities in clinical research that keep trials on the fast track from initial concept to market without sacrificing quality or integrity. By offering CRO services (development and clinical conduct) under the same corporate structure, CNS leverages the diversity of its services network to provide biopharmaceutical clients exceptional quality and cost-effective trial management. For more information about CNS, visit www.cnswebsite.com.
About Care Management Technologies, Inc.
Headquartered in the Raleigh-Durham, NC, Research Triangle Park area, Care Management Technologies, Inc., a firm with broad clinical expertise and extensive experience in behavioral health, provides proprietary health information technology that delivers actionable information to clinicians at the point of treatment with the dual aim of improving quality of care and reducing costs.
One in five people in the US experiences mental illness in the course of a year, with serious persistent mental illness afflicting 5% of the population. Those afflicted have complex needs due in part to substance abuse and a higher propensity for debilitating physical health conditions than the general population.
CMT's best-in-class evidence-based behavioral health analytics and decision-support tools help payers improve prescribing, increase adherence, and better coordinate care for their costliest, most complex members. They also offer payers a scalable solution to address less severe behavioral health issues prevalent in their larger populations. Over the past eight years, CMT's solutions have been used by over 30 state Medicaid agencies and numerous managed Medicaid and Medicare organizations nationwide, where they have demonstrated both clinical and financial impact. These tools have helped improve provider-prescribing practices by 50%, reduced emergency room visits and hospitalizations by 25%, and lowered average behavioral pharmacy cost by $70 per intervened patient per month. For more information, visit www.cmthealthcare.com.
SOURCE Oxford Finance Corporation