ALEXANDRIA, Va., April 21, 2016 /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 $45 million term loan to Nuvectra Corporation ("the Company" or "Nuvectra"). The facility is comprised of a $40 million senior secured term loan and a $5 million line of credit. Funds are being used to finance the Company's recent spin-off from its parent company, Greatbatch, Inc., and to establish a market presence in the United States for its first product, Algovita®.
Nuvectra is a public medical device company focused on the development and commercialization of a neurostimulation technology platform for the treatment of chronic pain. Its lead product is Algovita®, a spinal cord stimulation system that provides powerful and simplified therapy delivery.
"Oxford is pleased to provide funds to support Nuvectra's introduction of Algovita® to the medical community in the United States," said Christopher A. Herr, senior managing director at Oxford Finance. "We believe there is a large market opportunity for this device, as its advanced power capabilities and flexible leads will improve treatment outcomes compared to competing products."
"Silicon Valley Bank is happy to have the opportunity to partner with Nuvectra as they drive important advancements to the medical device industry," said Michael White, managing director at Silicon Valley Bank. "It is our pleasure to provide them with the financing, connections and global services that they need to facilitate their growth."
"Nuvectra is excited about its relationship with both Oxford and Silicon Valley Bank," said Walter Berger chief financial officer of Nuvectra. "It's an important relationship in both the context of our recent spinoff and establishing our market presence in the United States."
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 $3 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 and Massachusetts. 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. Learn more at svb.com.
©2016 SVB Financial Group. All rights reserved. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group. Silicon Valley Bank is a member of FDIC and Federal Reserve System.
About Nuvectra Corporation
Nuvectra™ is a neurostimulation company committed to helping physicians improve the lives of people with chronic neurological conditions. The Algovita® Spinal Cord Stimulation (SCS) System is our first commercial offering and is CE marked and FDA approved for the treatment of chronic pain of the trunk and/or limbs. Our innovative technology platform also has capabilities under development to support other neurological indications such as sacral nerve stimulation (SNS), and deep brain stimulation (DBS). In addition, our NeuroNexus subsidiary designs, manufactures and markets leading-edge neural-interface technologies for the neuroscience clinical research market. Visit the Nuvectra website at www.nuvectramed.com.
SOURCE Oxford Finance LLC