Oxford Finance, SVB Close ReShape Medical Facility
Oxford Finance closed a $12 million senior secured term loan agreement with ReShape Medical. Proceeds of the loan will be used for marketing purposes and for future product enhancements.
“Oxford is pleased to provide capital to ReShape Medical for the commercialization of its product,” said Christopher A. Herr, managing director for Oxford Finance. “The company is anticipating FDA approval of the ReShape Dual Balloon, which would be among the first non-surgical weight loss devices available in the United States.”
“Increasing our clients’ probability of success is our primary objective in working with companies like ReShape Medical that are bringing important medical advancements to the healthcare market,” said Brett Maver, director for Silicon Valley Bank in San Diego, California. “We are happy to help the ReShape Medical team move its business forward quickly as the company grows.”
“We are very pleased to be working with the SVB and Oxford teams,” said Rick Thompson, ReShape Medical president and CEO. “This financing enhances our ability to move forward while awaiting the FDA decision and preparing for an equity financing round to fund commercialization of our product.”
ReShape Medical is a medical device company focused on the development and commercialization of its dual intragastric balloon for weight loss.