Proteus Digital Health has received $31.6 million in debt financing from Oxford Finance and Silicon Valley Bank. Headquartered in Alexandria, Va., Proteus Digital Health is a provider of digital health products.
ALEXANDRIA, Va., Jan. 21, 2014 /PRNewswire/ — Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, today announced the closing of a $31.6 million debt financing expansion with Proteus Digital Health. The financing package, which was provided to Proteus Digital Health from both Oxford and Silicon Valley Bank, included a senior secured term loan and a revolving line of credit. Proceeds of the loan will be used for working capital growth.
“Proteus has an exciting, advanced platform technology with broad applications that can improve patient care and self-health management,” said Christopher A. Herr, managing director for Oxford Finance. “We are pleased to provide additional funds to Proteus, and continue to be impressed with its visionary management team, led by Andrew Thompson, co-founder and chief executive officer.”
“The flexibility provided by this financing will allow Proteus to continue to innovate and improve patient outcomes,” said Jason Hughes, managing director for Silicon Valley Bank. “We are looking forward to all that comes next from the Proteus team.”
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 $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 sciences, 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 28 U.S. offices and six 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 Financial Group is also a member of the Federal Reserve System.