Oxford Finance Closes $27.5 Million to Pacira Pharmaceuticals
Thursday, May 10, 2012
Oxford Finance LLC, a specialty finance firm that provides senior debt to life sciences and healthcare services companies, announced that it closed a $27.5 million senior secured term loan with Pacira Pharmaceuticals. Proceeds of the loan are being used to refinance existing debt and for general working capital.
"Oxford is very pleased to provide capital to Pacira, a company whose management team has been successful obtaining FDA approval and marketing drugs," said Christopher A. Herr, managing director for Oxford Finance. "EXPAREL, Pacira's novel treatment for postsurgical pain, was launched in April and is expected to be a significant commercialization opportunity for the company."
"This debt refinancing has helped Pacira secure the strong balance sheet that it needs to fully leverage the value-generating opportunities inherent in EXPAREL (bupivacaine liposome injectable suspension)," said James S. Scibetta, chief financial officer of Pacira. "We are pleased to partner with Oxford Finance, a funding source with a proven track record in the life sciences arena."
Pacira Pharmaceuticals, Inc. is an emerging specialty pharmaceutical company focused on the clinical and commercial development of new products that meet the needs of acute care practitioners and their patients.