Oxford Finance and Silicon Valley Bank closed a $45 million term loan to Nuvectra. The facility is comprised of a $40 million senior secured term loan and a $5 million line of credit. Funds are being used to finance the company’s recent spin-off from its parent company, Greatbatch, and to establish a market presence in the U.S. for its first product, Algovita.

Nuvectra is a public medical device company focused on the development and commercialization of a neurostimulation technology platform for the treatment of chronic pain. Its lead product is Algovita, a spinal cord stimulation system that provides powerful and simplified therapy delivery.

“Oxford is pleased to provide funds to support Nuvectra’s introduction of Algovita to the medical community in the U. S.,” said Christopher A. Herr, senior managing director at Oxford Finance. “We believe there is a large market opportunity for this device, as its advanced power capabilities and flexible leads will improve treatment outcomes compared to competing products.””Silicon Valley Bank is happy to have the opportunity to partner with Nuvectra as they drive important advancements to the medical device industry,” said Michael White, managing director at Silicon Valley Bank. “It is our pleasure to provide them with the financing, connections and global services that they need to facilitate their growth.”

“Nuvectra is excited about its relationship with both Oxford and Silicon Valley Bank,” said Walter Berger, chief financial officer of Nuvectra. “It’s an important relationship in both the context of our recent spinoff and establishing our market presence in the United States.”