ALEXANDRIA, Va., May 10, 2012 /PRNewswire/ -- Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, today announced that it closed a $27.5 million senior secured term loan with Pacira Pharmaceuticals ("Pacira"). Proceeds of the loan are being used to refinance existing debt and for general working capital.
"Oxford is very pleased to provide capital to Pacira, a company whose management team has been successful obtaining FDA approval and marketing drugs," said Christopher A. Herr, managing director for Oxford Finance. "EXPAREL®, Pacira's novel treatment for postsurgical pain, was launched in April and is expected to be a significant commercialization opportunity for the company."
"This debt refinancing has helped Pacira secure the strong balance sheet that it needs to fully leverage the value-generating opportunities inherent in EXPAREL® (bupivacaine liposome injectable suspension)," said James S. Scibetta, chief financial officer of Pacira. "We are pleased to partner with Oxford Finance, a funding source with a proven track record in the life sciences arena."
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 nearly $2 billion in loans, with lines of credit ranging from $500 thousand to $50 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Massachusetts and North Carolina. For more information visit www.oxfordfinance.com.
About Pacira Pharmaceuticals, Inc.
Pacira Pharmaceuticals, Inc. (NASDAQ: PCRX) is an emerging specialty pharmaceutical company focused on the clinical and commercial development of new products that meet the needs of acute care practitioners and their patients. The company's current emphasis is the development of non-opioid products for postsurgical pain control, and its lead product, EXPAREL® (bupivacaine liposome injectable suspension), was commercially launched in the United States in April 2012. EXPAREL and two other commercially available products have utilized the Pacira proprietary product delivery technology DepoFoam®, a unique platform that encapsulates drugs without altering their molecular structure and then releases them over a desired period of time. Additional information about Pacira is available at www.pacira.com.
SOURCE Oxford Finance LLC