Daily News: April 17, 2014

Oxford/SVB Expand Term Loan with Sorrento Therapeutics

Oxford Finance and Silicon Valley Bank announced a $7.5 million expansion to an existing $5 million term loan with Sorrento Therapeutics.

Proceeds will be used to advance the development of multiple programs and platforms.

“Oxford values the existing relationship it has with Sorrento, and we are pleased to provide financial support as the company continues to advance the development of its lead asset, Cynviloq,” said Christopher A. Herr, managing director for Oxford Finance. “Since Cynvilog is a next-generation version of an existing drug, Oxford is confident in the ability of Sorrento’s seasoned management team to obtain product approval.”

“We aim to help our innovative clients succeed as they grow,” said Michael White, managing director for Silicon Valley Bank. “To do that they need our support throughout their lifecycle as they meet their milestones and develop new treatments.”

“Strategically, it is very important for Sorrento to fund its programs with non-dilutive capital,” said Richard G. Vincent, executive vice president and chief financial officer of Sorrento Therapeutics. “Oxford and Silicon Valley Bank have been supportive of Sorrento’s business goals and we appreciate that they are providing additional financing to help support our further development of essential cancer treatments.”