Oxford Finance and Silicon Valley Bank Provide $11 Million Senior Credit Facility to CardioFocus
ALEXANDRIA, VA, May 1, 2013 – Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, today announced the closing of an $11 million dollar round of debt financing for CardioFocus. The credit facility was awarded to CardioFocus from both Oxford and Silicon Valley Bank. Funds will be used to increase the company’s available capital to fund growth, while it expands its international commercialization and completes enrollment in its pivotal trial of the CardioFocus HEARTLIGHT® Endoscopic Ablation System.
“CardioFocus has had impressive results, treating more than 1,300 patients in Europe and the United States using its cutting‐edge technology to treat patients with atrial fibrillation,” said Christopher A. Herr, managing director for Oxford Finance. “We are very pleased to provide an additional round of capital to CardioFocus to support the company’s continued growth and innovative product development.”
“We’re a proud partner of CardioFocus, having been with the team since it was just starting out,” said Christina Zorzi, vice president of healthcare and life sciences for Silicon Valley Bank. “Today, CardioFocus continues to surpass its ambitious goals with a great team and an important mission to restore the quality of heart patients’ lives. We continue to be inspired by their work and are happy to be able to support their efforts.”
“This financing will help us complete patient enrollment in our pivotal U.S. clinical trial, as well as continue to execute on our commercialization efforts in Europe, where we are seeing rapid adoption throughout leading medtech markets,” said Renny Clark, chief financial officer of CardioFocus. “We appreciate the support from our lending partners Oxford Finance and Silicon Valley Bank during this exciting time, as we continue to accelerate sales growth abroad while preparing for an FDA submission in the U.S.”
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 $50 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Massachusetts, Illinois and North Carolina. For more information visit www.oxfordfinance.com.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life sciences, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 28 U.S. offices and six international operations. (Nasdaq:SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
About CardioFocus, Inc.
CardioFocus, Inc. is a medical device manufacturer dedicated to advancing ablation treatment for cardiac disorders such as atrial fibrillation (AF). Its novel HEARTLIGHT® Endoscopic Ablation System for catheter ablation incorporates an endoscope to provide physicians with the capacity to see within the heart, and for the first time, visually direct the application of laser energy to achieve durable pulmonary vein isolation.
The HeartLight Endoscopic Ablation System is commercially available at leading institutions throughout Europe and in Australia. The device is investigational in the U.S., and currently the focus of a pivotal trial initiated in 2012. CardioFocus is headquartered in Marlborough, MA, USA. For more information on the company and its technology, please visit www.CardioFocus.com.