Cerus entered into a $40 million amended growth capital credit facility with Oxford Finance, a specialty finance firm that provides senior debt to life sciences and healthcare services companies worldwide.
Under the amended facility, Cerus received an immediate $30 million loan at closing on July 31, 2017 and has the option to draw another $10 million subject to achieving a specified revenue milestone.
“Oxford continues to be an invaluable partner. Their appreciation of our business opportunity and shared belief in our mission to establish INTERCEPT as the standard of care for transfused blood components globally strengthens our relationship,” said Kevin D. Green, vice president, finance and chief financial officer of Cerus.
“A portion of the proceeds from the initial $30 million loan were used to repay the outstanding term loans of approximately $17.6 million provided under the original agreement with Oxford. The amended facility provides Cerus with not only additional capital but also deferred amortization for 18 to 24 months.”
Concord, CA-based Cerus is a biomedical products company focused in the field of blood transfusion safety.