ALEXANDRIA, Va., March 29, 2011 /PRNewswire/ -- Oxford Finance Corporation (Oxford), a subsidiary of Sumitomo Corporation, today announced that it closed a $5 million round of debt financing for SynergEyes, Inc. The transaction includes a $2.5 million senior secured term loan and a $2.5 million revolving line of credit. These funds will be used to support the company's marketing and manufacturing growth as it launches its second generation silicone hydrogel hybrid contact lens, Duette™.
"Oxford is very pleased to be able to provide capital to SynergEyes, a company that is leading the way with its hybrid contact lenses technology," said Christopher A. Herr, managing director for Oxford Finance. "SynergEyes has a history of success and strong investors to support its plans for further innovation and growth."
"SynergEyes appreciates this infusion of capital from Oxford and believes the funds will provide for the expansion of its hybrid contact lens technology into the vision correction market," said Paul Kammann, CFO for SynergEyes, Inc. "It will enable the broad launch of the Duette™ hybrid contact lens into the growing contact lens market. Duette™ introduces a new state-of-the-art design for astigmatic patients that eliminates many problems commonly associated with soft toric contact lens wear, such as discomfort, less-than-optimal vision, night vision problems or instability on the eye."
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 SynergEyes, Inc.
SynergEyes, Inc., based in Carlsbad, CA, is the leader in hybrid contact lens technology, combining a rigid gas permeable center and a soft outer skirt. The result is a durable "hybrid" lens for patients seeking crisp, clear vision and the all-day comfort of a soft lens. SynergEyes lenses with FDA market-clearance include Duette™ for naturally occurring ametropia, targeting patients with astigmatism, current soft toric lens wearers, and patients demanding optimized vision. Other FDA-approved lenses include ClearKone® for keratoconus, SynergEyes® Multifocal for presbyopia and SynergEyes® PS for post-surgery and post-trauma refractive errors. For more information visit www.synergeyes.com.
SOURCE Oxford Finance Corporation