Oxford Finance and Silicon Valley Bank Expand Existing Senior Credit Facility with Sorrento Therapeutics to $12.5 Million
ALEXANDRIA, Va., April 16, 2014 /PRNewswire/ — Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, and Silicon Valley Bank, today announced a $7.5 million expansion to an existing $5 million term loan with Sorrento Therapeutics, Inc (“Sorrento”). Proceeds of the loan will be used to advance the development of multiple programs and platforms.
“Oxford values the existing relationship it has with Sorrento, and we are pleased to provide financial support as the company continues to advance the development of its lead asset, Cynviloq™,” said Christopher A. Herr, managing director for Oxford Finance. “Since Cynviloq™ is a next-generation version of an existing drug, Oxford is confident in the ability of Sorrento’s seasoned management team to obtain product approval.”
“We aim to help our innovative clients succeed as they grow,” said Michael White, managing director for Silicon Valley Bank. “To do that they need our support throughout their lifecycle as they meet their milestones and develop new treatments. We’re proud to be able to offer that ongoing support to Sorrento. It is particularly rewarding to work with this team, knowing that their goal is to help people suffering from cancer.”