Enable Injections Announces $25 Million Credit Facility Closed with Oxford Finance
CINCINNATI, Sept. 8, 2020 /PRNewswire/ -- Enable Injections, Inc. ("Enable"), a company developing and manufacturing the enFuse® platform of investigational wearable infusion devices, today announced it has completed a credit facility for $25 million from Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life sciences and healthcare services companies worldwide. The funds will support the scaling of high-volume manufacturing and achievement of major inflection points as Enable approaches commercialization.
Enable Injections is developing a novel technology to allow patients a safe, convenient, and cost-effective way to deliver their therapies outside of a clinical facility. Designed for ease-of-use, Enable Injections' enFuse® has the potential to allow patients to give themselves their medicine at the time and place of their choosing, which aims to free up healthcare provider resources, minimize exposure to in-home or in-clinic administration by a healthcare provider, and reduce healthcare costs traditionally assigned to biologic therapies. Enable Injections' enFuse® on-body drug delivery platform is designed for subcutaneous delivery of large volumes up to 50mL.
"Enable Injections has engineered an innovative injection platform that provides an opportunity to improve the administration experience for patients and reduce the costs of administration for payors," said Christopher A. Herr, Senior Managing Director at Oxford Finance. "Oxford is pleased to provide the funds to Enable to support further development and commercial preparation initiatives for their momentous infusion devices."
"We are delighted to partner with Oxford Finance in this non-dilutive financing that allows financial flexibility, strengthens our cash position, and enables us to achieve major inflection points that will lead to our commercialization goals on terms that maximize long-term shareholder value," said Tim Flaherty, Executive Vice President and Chief Financial Officer, Enable Injections. "We appreciate Oxford Finance's confidence in the enFuse® technology platform, which has the potential to provide patients and their caregivers an alternative delivery method for subcutaneous administration of parenteral therapies outside of a clinical setting."
Armentum Partners served as financial advisor to Enable Injections in connection with this financing.
About Enable Injections
Cincinnati-based Enable Injections is an investigational-stage company developing and manufacturing on-body subcutaneous infusion delivery systems designed to improve the patient experience, support superior outcomes, and advance healthcare system value and economics. Enable's body-worn enFuse® drug delivery platform utilizes any standard container closure system (e.g., vial, syringe, and pre-filled syringes) to deliver large-volume (≥ 3mL), high-viscosity pharmaceutical and biopharmaceutical therapeutics. For more information, please visit www.enableinjections.com and follow us on LinkedIn and Twitter.
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 $6 billion in loans, with lines of credit ranging from $5 million to $150 million. Oxford is headquartered in Alexandria, Va., with additional offices in San Diego, Calif.; Palo Alto, Calif.; and the greater Boston and New York City areas. For more information, visit https://oxfordfinance.com/
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SOURCE Enable Injections, Inc.