ALEXANDRIA., Va., July 22, 2008 /PRNewswire via COMTEX/ -- Oxford Finance Corporation and Silicon Valley Bank, Inc., today announced they have finalized an agreement with Medivance, Inc. to provide a $12 million senior secured loan, which includes a $4 million revolving line of credit. The company plans to use the additional working capital to fund multiple growth initiatives.
Medivance, a global medical device company, manufactures proprietary therapeutic temperature management solutions. Their advanced equipment is used to assist patients who have suffered cardiac arrest, heart attack, stroke, brain injury, neurogenic fever, trauma or other critical injuries.
"Oxford is pleased to provide funds to support Medivance's continuing growth," said J. Alden Philbrick, president and chief executive officer of Oxford Finance Corporation. "Their flagship product, Arctic Sun(R), is now recognized and utilized by top hospitals worldwide as a safe, effective cooling technology." "Medivance has been a client for several years; it's been exciting to watch it grow. Its management team, cutting edge technology and success to date are impressive," said Ryan Incorvaia of Silicon Valley Bank. "We look forward to continuing our relationship with Medivance and providing it with the resources it needs to help propel its growth." About Oxford Finance Corporation Oxford Finance Corporation, a subsidiary of Sumitomo Corporation, is a specialty finance firm providing senior secured loans to public and private life science companies worldwide. For 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 billion in loans, with lines of credit ranging from $500 thousand to $30 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California and Massachusetts. For more information, visit http://www.oxfordfinance.com.
About Silicon Valley Bank Silicon Valley Bank is the premier commercial bank for emerging, growth and mature companies in the technology, life science, private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices and five international operations. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at http://www.svb.com .
About Medivance, Inc.
Medivance, Inc. is a medical products company based in Louisville, Colorado that develops and manufactures non-invasive, proprietary therapeutic temperature management solutions. It provides clinicians with safe, easy, and precise methods to control and regulate body temperature. Established in hospitals across the world, Medivance's solutions have applications in intensive care settings and emergency departments. For more information, visit http://www.medivance.com .
SOURCE Oxford Finance Corporation URL: http://www.sumitomocorp.com
http://www.oxfordfinance.com
http://www.svb.com
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