Oxford Finance, SVB Secure TransEnterix Growth Capital
TransEnterix announced that it has expanded its existing agreement with Oxford Finance and Silicon Valley Bank to provide for up to $25 million in growth capital.
“We are pleased to have expanded our relationship with Oxford and Silicon Valley Bank,” said Todd M. Pope, president and chief executive officer of TransEnterix. “We anticipate that this financing provides us with up to three quarters of additional capital to satisfy our operating cash requirements.”
On September 26, 2014, the company entered into an amended and restated loan and security agreement with Oxford Finance and Silicon Valley Bank for a total loan amount of up to $25 million. The loan will mature on April 1, 2018, or October 1, 2018, if certain milestones are achieved.
The loan agreement provides for up to three separate tranches of $10 million, $5 million and $10 million, respectively. At closing, the company increased its existing borrowings of approximately $5.6 million under the first tranche to the full $10 million.
TransEnterix is a medical device company.