Vitae Pharmaceuticals has secured a $15 million round of debt financing from Oxford Finance, a specialty finance firm that provides senior debt to life sciences and healthcare services companies and Silicon Valley Bank. The funds will be used to support the progress of Vitae’s drug pipeline, which includes treatments for chronic kidney disease, diabetes, Alzheimer’s disease and atherosclerosis.
Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, today announced a $15 million round of debt financing for Vitae Pharmaceuticals (“Vitae”). The senior credit facility was awarded to Vitae from both Oxford and Silicon Valley Bank. The funds will be used to support the progress of Vitae’s drug pipeline, which includes treatments for chronic kidney disease, diabetes, Alzheimer’s disease and atherosclerosis.
“Oxford is pleased to provide funds to support Vitae’s drug development programs,” said Christopher A. Herr, managing director for Oxford Finance. “The company has a very promising portfolio of novel, small molecule, best-in-class compounds, and has a track record of successfully partnering with major pharmaceutical companies to further the progress of its clinical stage assets.”
“Silicon Valley Bank is proud to partner with Vitae as they continue to move forward with their drug development programs,” said Tom Gordon, Senior Vice President for Silicon Valley Bank. “Vitae has an exceptional management team with a solid record of success.”
Vitae Chief Financial Officer, Tina Fiumenero said, “We are pleased to be working with Oxford and Silicon Valley Bank again. Their continued support of our programs is greatly appreciated. The funds provided by this round of debt financing further strengthens Vitae’s financial position and provides additional financial flexibility for the Company.”
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 $1.5 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, Illinois, Massachusetts and North Carolina. For more information visit www.oxfordfinance.com.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, 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 26 U.S. offices and seven 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 Private Bank is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve System.
About Vitae Pharmaceuticals
Vitae Pharmaceuticals is a clinical‐stage biopharmaceutical company discovering and developing a portfolio of novel, small molecule, best‐in‐class compounds that address important disease areas, including: chronic kidney disease, diabetes, Alzheimer’s disease and atherosclerosis. Vitae’s lead compound, VTP‐27999, is a wholly owned, novel, potent and selective renin inhibitor offering the potential for superior renal protection in patients suffering from chronic kidney disease. The compound is expected to enter Phase 2b in early 2012. Vitae is an expert in structure‐based drug discovery and combines a proprietary technical platform with the experience and insight of world class scientists to advance best‐in‐class compounds for high value, hard‐to‐drug targets. Vitae’s proprietary, discovery platform has clear advantages in creating and analyzing novel drug candidates that meet pre‐defined physicochemical and biochemical characteristics. The accuracy and speed of this system has enabled Vitae to solve challenging targets in multiple therapeutic areas – discovering and advancing attractive compounds in a rapid and highly capital efficient manner. Vitae Pharmaceuticals is financed by leading corporate and venture capital investors; its last venture round was in 2004. Vitae’s 45 scientists are located in Fort Washington, Pennsylvania.