Oxford, Silicon Valley Provide Financing to Vitae Pharmaceuticals
Oxford Finance announced a $15 million round of debt financing for Vitae Pharmaceuticals. 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.”