Oxford Finance and Silicon Valley Bank Close $15 Million Debt Facility with AlterG®
ALEXANDRIA, Va., July 30, 2015 /PRNewswire/ -- Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, and Silicon Valley Bank ("SVB") today announced the closing of a credit facility, including a $13.5 million senior secured term loan and a $1.5 million line of credit, with AlterG, Inc. AlterG is a privately held, venture-backed medical device and wellness company that has developed Anti-Gravity Treadmills®, as well as the world's first intuitive AlterG Bionic Leg™.
"Oxford is pleased to provide financing to AlterG, an innovative company that has created new technologies that help patients and athletes train, reduce injury and improve mobility," said Christopher A. Herr, senior managing director for Oxford Finance. "We look forward to supporting the company's product development efforts and continued growth."
"SVB is happy to partner with the AlterG team as they continue to make medical advancements within the physical therapy and athletic training communities," said Kevin Longo, director of life sciences for Silicon Valley Bank. "Our main objective is to help our clients move their businesses forward quickly with the right financing, connections and global services."
"We have partnered with SVB and Oxford to finance several new initiatives at AlterG," said Steve Basta, chief executive officer of AlterG. "The new investment capital will enable us to accelerate new product development, and to increase marketing support for our customers. The AlterG Anti-Gravity Treadmill provides injured, overweight, elderly or impaired users the ability to walk or run safely and pain free. Our goal in the future is to make the Anti-Gravity Treadmill part of the solution to the worldwide obesity, diabetes, and chronic disease epidemics by providing a rehabilitation, wellness and exercise solution for millions of people."
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 and North Carolina. For more information visit www.oxfordfinance.com.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Forbes named SVB one of America's best banks (2015) and one of America's best-managed companies (2014). Learn more at svb.com. Silicon Valley Bank is the California bank subsidiary and commercial banking operation of SVB Financial Group (Nasdaq: SIVB), and a member of the FDIC. Silicon Valley Bank and SVB Financial Group are members of the Federal Reserve System.
About Alter G, Inc.
AlterG builds life-changing technology that is revolutionizing physical rehabilitation, training and wellness with the goal of enabling people to sustain healthy and active lives through mobility. Our innovative products, the Anti-Gravity Treadmills and the AlterG Bionic Leg, are designed to enhance personal mobility and wellness for everyone from pro athletes to seniors to children. Our Anti-Gravity Treadmills use Differential Air Pressure (DAP) technology, originally developed at NASA, to comfortably and precisely unweight patients to as low as 20% of their body weight, enabling them to walk or run with reduced impact. The Bionic Leg, designed for patients with neurological and orthopedic gait disorders, is a robotic assistive device that is activated by patient initiated movement and provides stability and assistance for a full range of mobility training.
SOURCE Oxford Finance LLC
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