ALEXANDRIA, Va., April 17, 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 $20 million term loan with with Zafgen, Inc. The funds were provided to Zafgen from both Oxford and MidCap Financial. Proceeds of the loan will be used for working capital growth.
"Oxford is impressed with Zafgen's novel approach to treating obesity and the results from its clinical trials with its lead product candidate, beloranib," said Christopher A. Herr, managing director for Oxford Finance. "We are pleased to provide capital to Zafgen to support its continuing growth."
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 MidCap Financial, LLC
MidCap Financial, LLC is a commercial finance company focused on middle market lending in the broad national healthcare industry. MidCap specializes in $5 million to $200 million loans. The company is headquartered in Bethesda, MD, with offices in Los Angeles, and Chicago and focuses in four areas:
- Leveraged Loans to Financial Sponsor backed healthcare companies with $5 to $50 million in EBITDA;
- Asset-Based working capital loans collateralized by third-party accounts receivable and other assets direct to healthcare provider operators;
- Life Sciences loans to VC-backed and public pharmaceutical, biotech and medical device companies;
- Real Estate loans to skilled nursing facilities, senior housing properties and medical office buildings
Additional information about MidCap Financial, LLC can be found at www.midcapfinancial.com.
About Zafgen, Inc.
Zafgen is a biopharmaceutical company dedicated to significantly improving the health and well-being of patients affected by obesity. Beloranib, Zafgen's lead product candidate, is a novel, first-in-class, twice-weekly subcutaneous injection being developed for the treatment of multiple indications, including severe obesity in Prader-Willi syndrome, craniopharyngioma-associated obesity, and severe obesity in the general population. Zafgen was founded in 2005 to explore novel approaches to obesity therapeutics, including agents known to inhibit MetAP2 that had been found to drive unprecedented weight loss and metabolic improvements in mice. Zafgen holds exclusive worldwide rights (exclusive of South Korea) for development and commercialization of beloranib. Zafgen exclusively licensed beloranib from Chong Kun Dang (CKD) Pharmaceutical Corp. of South Korea. The company is located in Cambridge, MA.
SOURCE Oxford Finance LLC