Oxford Finance, Silicon Valley Bank Provide $30 Million to Avanir
Oxford Finance, a specialty finance firm that provides senior debt to life sciences and healthcare services companies, announced it was the lead lender for a $30 million debt facility to Avanir Pharmaceuticals, Inc. Silicon Valley Bank also participated in this transaction. Proceeds of the loan will be used for the expansion of the company’s product line and working capital.
“Avanir Pharmaceuticals’ seasoned management team has a history of successfully bringing innovative drugs to the marketplace,” said Christopher A. Herr, managing director for Oxford Finance. “It is the only company that has an FDA-approved drug, NUEDEXTA (dextromethorphan HBr and quinidine sulfate), which treats pseudobulbar affect. Oxford is pleased to provide capital to support the success and growth of Avanir Pharmaceuticals.”
“We strive to increase the success rate of life science companies, and have been impressed by Avanir’s strong team and the potential for NUEDEXTA, ” said Brett Maver, relationship manager for Silicon Valley Bank. “Although Avanir has the only FDA-approved drug to treat pseudobulbar, it continues its pursuit of new trials and regulatory approvals. This financing is intended to give the company the capital it needs to help meet its growth and development targets.”
“This debt financing has helped Avanir secure a strong balance sheet providing us with the flexibility to continue to build upon our success,” said Keith Katkin, president and chief executive officer of Avanir. “We are pleased to partner with Oxford Finance, a funding source with a proven track record in the life sciences arena.”
Silicon Valley Bank is a bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses.
Avanir Pharmaceuticals, Inc. is a biopharmaceutical company focused on bringing innovative medicines to patients with central nervous system disorders of high unmet medical need.