ALEXANDRIA, VA, May 5, 2015 – Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, and Silicon Valley Bank today announced the closing of a credit facility, including a $10 million senior secured term loan and a $7 million line of credit, with Labcyte Inc. Labcyte is a global biotechnology tools company that is revolutionizing life science research with its patented acoustic liquid handling technology. Proceeds of the loan will be used to support Labcyte’s research and development efforts and the expansion of its worldwide business.
“Oxford is pleased to provide financing to support Labcyte’s growth and contribution to the life sciences industry,” said Christopher A. Herr, senior managing director for Oxford Finance. “The company’s innovative touchless liquid handling technology has enabled faster, more accurate and cost-effective solutions for life science research.”
“We are glad to help the Labcyte team move their business forward quickly,” said Jennifer Friel Goldstein, managing director for Silicon Valley Bank. “Our main objective is to increase our clients’ probability of success. Labcyte’s precision technology helps enable our broader life science community to accelerate their pace and precision of discovery.”
“This financing further strengthens our balance sheet at an attractive cost of capital,” stated Mark Fischer-Colbrie, president and chief executive officer of Labcyte. “We are pleased to expand our interactions with Silicon Valley Bank and to initiate a relationship with Oxford. This new financing will enhance Labcyte’s ability to continue to grow and expand our product portfolio by providing greater financial flexibility. Both Oxford’s and Silicon Valley Bank’s understanding of our business and focus on results makes them an excellent strategic fit with Labcyte.”
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 $2 billion in loans, with lines of credit ranging from $500 thousand to $75 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Massachusetts and North Carolina. For more information visit www.oxfordfinance.com.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Forbes named SVB one of America’s best banks (2015) and one of America’s best-managed companies (2014). Learn more at svb.com. Silicon Valley Bank is the California bank subsidiary and commercial banking operation of SVB Financial Group (Nasdaq: SIVB), and a member of the FDIC. Silicon Valley Bank and SVB Financial Group are members of the Federal Reserve System.
About Labcyte Inc.
Labcyte, a global biotechnology tools company headquartered in Sunnyvale, California, is revolutionizing liquid handling. Echo liquid handling systems use sound to precisely transfer liquids without contact, eliminating the use of pipettes. Labcyte instruments are used worldwide throughout the pharmaceutical industry, diagnostic companies, genome centers, genomic service companies, biotechnology firms, contract research organizations, and academic institutions. Our customers work across a wide spectrum of scientific research, including drug discovery, genomics, proteomics, diagnostics, precision medicine, and imaging mass spectrometry. Labcyte has 55 U.S. patents and others internationally. For more information, visit www.labcyte.com.