ALEXANDRIA, Va. and HAYWARD, Calif., May 2019 /PRNewswire/ —Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to life sciences and healthcare services companies worldwide, has completed the closing of a $60 million senior secured term loan with RefleXion Medical, Inc., a biotargeting oncology company developing the first and only biology-guided radiotherapy (BgRT) machine* for targeted cancer treatment. The funds will support the completion of the FDA clearance process for their biology-guided BgRT system and its subsequent commercial launch.
RefleXion’s BgRT is the first to utilize both anatomic (computed tomography) and functional (positron emission tomography) imaging data to guide personalized radiotherapy. The company’s patented technology causes tumors to continuously signal their location during treatment, potentially revolutionizing cancer care.
“Radiotherapy isn’t used for stage 4 cancer because tracking and treating multiple, moving tumors in parallel, and in the same session, while minimizing the impact on healthy tissue surrounding each tumor, has not been available,” said Christopher A. Herr, senior managing director at Oxford. “RefleXion’s biology-guided radiotherapy is designed to provide just that, localization of multiple tumors and radiotherapy delivered with minimum toxicity. Oxford is thrilled to support RefleXion in its mission to create a new approach for the non-invasive treatment of multiple, solid tumors throughout the body.”
“We are very pleased to partner with Oxford Finance in this non-dilutive financing that enhances our cash position, provides financial flexibility and ensures we will achieve our commercialization objectives on terms that maximize long-term shareholder value,” said Martyn Webster, chief financial officer, RefleXion Medical. “Our biology guiding radiotherapy, which aims to treat all stages of cancer, has received an enthusiastic response from clinical and financial communities alike, and this partnership with Oxford reinforces belief in our clinical premise and commercial value proposition.”
Armentum Partners served as financial advisor to RefleXion Medical in connection with this financing.
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 $5 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).
About RefleXion Medical
RefleXion Medical is a privately-held pre-commercial company developing the first biology-guided radiotherapy (BgRT) machine that will drive a new paradigm in cancer care. RefleXion is backed by premier investment firms TPG Growth/The Rise Fund, Sofinnova Partners, KCK Group, Venrock, T. Rowe Price Associates, Inc., China-focused healthcare investment firm GT Healthcare Capital Partners, and global pharmaceutical leaders Pfizer Venture Investments and Johnson & Johnson Innovation, JJDC Inc. The company has also received grant funding from the National Cancer Institute (NCI) Small Business Innovation Research (SBIR) Program and a passive, minority investment from UPMC. For more information, visit (https://www.reflexion.com)
*The RefleXion machine requires 510(k) clearance and is not yet commercially available.
About Armentum Partners
Armentum Partners is an independent financial services firm focused on providing non-dilutive capital raising solutions primarily to healthcare, technology, and sustainability companies. With a key focus on debt capital raising services, Armentum is dedicated to achieving the best structure and cost of capital for its clients. Armentum has combined experience of over 50 years in investment banking, private equity, lending and operations. Since 2014, Armentum has closed more than 140 private debt transactions raising over $4.0 billion of committed capital for its clients.
RefleXion Medical, Inc.