Specialty finance firm Oxford Finance has provided a $4 million debt facility to IntelliCyt Corp. The loan will be used for working capital, marketing and product development. Headquartered in Albuquerque, New Mexico, IntelliCyt develops high-throughput cell and bead-based screening solutions.
ALEXANDRIA, Va., June 10, 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 $2.5 million senior secured term loan agreement and a $1.5 million revolving line of credit with IntelliCyt Corporation (“IntelliCyt”). Proceeds of the loan will be used for working capital and to support the company’s product development and marketing initiatives.
“Oxford is pleased to provide financing to accelerate IntelliCyt’s growth,” said Christopher A. Herr, managing director for Oxford Finance. “IntelliCyt’s experienced management team has created a capital-efficient business that offers an innovative suite of cell and bead-based screening solutions for its clients.”
“Oxford has provided a flexible financing package that will support our working capital needs and commercial expansion as we continue our rapid revenue growth,” commented Dennis Hynson, chief financial officer for IntelliCyt.
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 IntelliCyt Corporation
IntelliCyt Corporation develops innovative, high-throughput, high-content cell- and bead-based screening solutions for use in phenotypic drug discovery, antibody discovery and in vitro toxicity testing. IntelliCyt’s proprietary technologies, instrumentation, assays and software products address the pervasive need to provide turnkey solutions that increase productivity in pharmaceutical, biotechnology, and life science research. For more information, please visit www.intellicyt.com.