Oxford Finance and Silicon Valley Bank Provide $30 Million Senior Credit Facility to AVANIR Pharmaceuticals (AVNR)
6/22/2012 9:31:50 AM
ALEXANDRIA, Va., June 21, 2012 /PRNewswire/ -- Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, today announced it was the lead lender for a $30 million debt facility to Avanir Pharmaceuticals, Inc. Silicon Valley Bank also participated in this transaction. Proceeds of the loan will be used for the expansion of the company's product line and working capital.
"Avanir Pharmaceuticals' seasoned management team has a history of successfully bringing innovative drugs to the marketplace," said Christopher A. Herr, managing director for Oxford Finance. "It is the only company that has an FDA-approved drug, NUEDEXTA® (dextromethorphan HBr and quinidine sulfate), which treats pseudobulbar affect. Oxford is pleased to provide capital to support the success and growth of Avanir Pharmaceuticals."
"We strive to increase the success rate of life science companies, and have been impressed by Avanir's strong team and the potential for NUEDEXTA®, " said Brett Maver, relationship manager for Silicon Valley Bank. "Although Avanir has the only FDA-approved drug to treat pseudobulbar, it continues its pursuit of new trials and regulatory approvals. This financing is intended to give the company the capital it needs to help meet its growth and development targets."
"This debt financing has helped Avanir secure a strong balance sheet providing us with the flexibility to continue to build upon our success," said Keith Katkin, president and chief executive officer of Avanir. "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 over $1.5 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 science, 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 27 U.S. offices and seven 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 Private Bank is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve System.
About Avanir Pharmaceuticals, Inc.
Avanir Pharmaceuticals, Inc. is a biopharmaceutical company focused on bringing innovative medicines to patients with central nervous system disorders of high unmet medical need. As part of our commitment, we have extensively invested in our pipeline and are dedicated to advancing medicines that can substantially improve the lives of patients and their loved ones. For more information about Avanir, please visit www.avanir.com.
Ian Clements, PhD
Oxford Finance LLC
Avanir Pharmaceuticals, Inc.
Silicon Valley Bank
SOURCE Oxford Finance LLC