Oxford Finance and Silicon Valley Bank Close $39.2 Million Credit Facility with SI-BONE
ALEXANDRIA, Va., Nov. 17, 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, the bank of the world's most innovative companies and their investors, today announced the closing of a credit facility with SI-BONE, Inc. The facility includes a $35.2 million senior secured term loan and a $4 million line of credit. SI-BONE expects to use the funds to accelerate the marketing of its iFuse Implant System for sacroiliac joint fusion surgery.
"Oxford is pleased to provide SI-BONE a growth capital credit facility to support the company's continued expansion," said Christopher A. Herr, senior managing director at Oxford Finance. "We believe there is a substantial market for SI-BONE's innovative iFuse Implant System, which has been successfully evaluated in multiple clinical trials and offers patients a minimally invasive solution to treat certain causes of sacroiliac joint pain."
"We are excited to support SI-BONE as they mature to their next phase of growth," said Shawn Parry, vice president of life science at Silicon Valley Bank. "SI-BONE is driving important medical advancements through its iFuse Implant System for the treatment of certain conditions that can cause lower back pain. It is our objective to provide the SI-BONE team with the right financing, connections and global services that they need to move their business forward quickly."
"This credit facility provides us access to capital as we need it to grow our business," stated Jeffrey Dunn, president and chief executive officer of SI-BONE. "It also strengthens our balance sheet at an attractive cost of capital. We are pleased to continue our relationship with Silicon Valley Bank and to initiate a relationship with Oxford."
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.
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 SI-BONE, Inc.
SI-BONE, Inc. (San Jose, California) is the leading sacroiliac joint medical device company dedicated to the development of tools and products for patients with low back issues related to certain SI joint disorders. The company has developed, and is manufacturing and marketing, minimally invasive products for patients with these disorders. SI-BONE, Inc. received original 510(k) clearance in November 2008 from the Food and Drug Administration (FDA) to market its iFuse Implant System. The CE mark for European commercialization was obtained in November 2010.
The iFuse Implant System is a minimally invasive surgical option that uses titanium implants coated with a porous, titanium plasma spray (TPS) that acts as an interference surface, designed to help decrease implant motion, provide immediate fixation and allow for biological fixation to support long term fusion. The iFuse Implant System is intended for sacroiliac fusion for conditions including sacroiliac joint dysfunction that is a direct result of sacroiliac joint disruption and degenerative sacroiliitis. This includes conditions whose symptoms began during pregnancy or in the peripartum period and have persisted postpartum for more than 6 months. Clinical studies have demonstrated that treatment with the iFuse Implant System improved pain, patient function, and quality of life at 12 months post-implantation. There are potential risks associated with the iFuse Implant System. It may not be appropriate for all patients and all patients may not benefit. For information about the risks, visit: www.si-bone.com/risks.
SOURCE Oxford Finance LLC
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