ALEXANDRIA, Va., April 14, 2011 /PRNewswire/ -- Oxford Finance Corporation (Oxford), a subsidiary of Sumitomo Corporation, today announced that it closed a $2 million equipment loan with Synta Pharmaceuticals Corp. The funds will finance laboratory equipment used to manufacture compounds for use in Synta's ongoing clinical trials in the areas of oncology and chronic inflammatory diseases.
"Synta Pharmaceuticals has a diverse drug pipeline, including two leading cancer drugs currently in Phase 2 development in a broad range of indications," said Chad D. Norman, managing director for Oxford Finance. "Oxford is very pleased to provide capital to support the development and delivery of Synta's novel pharmaceutical products."
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 Synta Pharmaceuticals Corp.
Synta Pharmaceuticals Corp. is a biopharmaceutical company focused on discovering, developing, and commercializing small molecule drugs to extend and enhance the lives of patients with severe medical conditions, including cancer and chronic inflammatory diseases. Synta has a unique chemical compound library, an integrated discovery engine, and a diverse pipeline of clinical- and preclinical-stage drug candidates with distinct mechanisms of action and novel chemical structures. All Synta drug candidates were invented by Synta scientists using our compound library and discovery capabilities. For more information, please visit www.syntapharma.com.
SOURCE Oxford Finance Corporation