Oxford Finance Corporation Closes $7 Million Debt Facility with Othera Pharmaceuticals
Published: Sep 26, 2007
ALEXANDRIA, Va., Sept. 26 /PRNewswire/ -- Oxford Finance Corporation, one of the nation's leading providers of senior debt to the life science community, today announced it has finalized a $7 million secured loan agreement with Othera Pharmaceuticals, Inc. The debt facility will be used to support Othera's goal to become a leading specialty pharmaceutical company focused on novel, patient-administered formulations for ophthalmology, oncology and inflammatory disease.
"This is one of several opportunities we've had to provide financing to Othera," said J. Alden Philbrick, president and chief executive officer of Oxford. "Our business relationship with Othera began with a $1 million equipment loan in 2004, and we continue to be proud to fuel their innovative small molecule development program."
"The additional financing provided by Oxford will be applied to ongoing research and development efforts for our ophthalmic lead compound, OT-551, which is currently in Phase 2 studies, and our new development program for OT- 304 in thrombosis, oncology and inflammatory disease," said Philip Heifetz, vice president of finance and business development for Othera. "Oxford has demonstrated a strong commitment to Othera, and we look forward to a long and expanded relationship as our products advance through our pipeline."
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 nearly 20 years, Oxford has delivered flexible financing solutions to its clients, enabling them to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $600 million in loans, with lines of credit ranging from $100 thousand to $20 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California and Massachusetts. For more information, visit www.oxfordfinance.com.
About Othera Pharmaceuticals, Inc.
Founded in 2002, Othera Pharmaceuticals, Inc. is a privately-held, specialty pharmaceutical company located in Exton, PA. Othera is focused on developing novel, patient-administered formulations for ophthalmology, oncology and inflammatory diseases. Othera is developing topical eye drops for age-related diseases, including some of the leading causes of blindness. Othera is also developing a novel set of orally-administered compounds which may address severe medical conditions including cancer, thrombosis and chronic inflammatory disease. More information on Othera Pharmaceuticals is available on the company's website at www.othera.comOxford Finance Corporation
CONTACT: Shelly Davis, Director of Marketing of Oxford FinanceCorporation, firstname.lastname@example.org, or 1-800-471-0174