ALEXANDRIA, Va., March 17, 2011 /PRNewswire/ -- Oxford Finance Corporation (Oxford), a subsidiary of Sumitomo Corporation, today announced that it and GE Capital, Healthcare Financial Services closed a $20 million round of debt financing for NeoVista®, Inc. These funds will be used primarily to support the completion of its pivotal Phase 3 trial of Epimacular Brachytherapy for the treatment of wet age-related macular degeneration.
"NeoVista is on the verge of introducing Epimacular Brachytherapy, utilizing the VIDION® ANV® Therapy System, which is a cost-effective solution for wet macular degeneration," said Christopher A. Herr, managing director for Oxford Finance. "Today, individuals with this disease have limited alternatives for relief, so we are especially proud to provide support to further the development of this product."
"I am encouraged to receive such a substantial level of debt financing through Oxford Finance and GE Capital," commented John N. Hendrick, president and chief executive officer of NeoVista. "Both groups clearly appreciate the opportunity and potential in the marketplace for our therapeutic option to treat wet age-related macular degeneration."
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 GE Capital, Healthcare Financial Services
With over $17 billion invested in more than 30 sub-sectors including senior housing, hospitals, pharmaceuticals, and medical devices, GE Capital, Healthcare Financial Services is a premier provider of capital and services to the healthcare industry. Our team of professionals provides deep industry expertise to create business and financial solutions tailored to meet the individual needs of our customers. The Life Science Finance team has worked with more than 500 companies throughout the United States, Canada and Europe. With a dedicated focus on assisting life science companies large and small, from the first venture round to post-IPO, the team has provided over $2.5 billion in financing to the market. For more information, visit gecapital.com/healthcare.
About NeoVista, Inc.
NeoVista, Inc. is a privately held medical device company based in Newark, California. For more information about the company, or this novel therapy, please visit the company's Web site at www.neovistainc.com.