Oxford Finance and Silicon Valley Bank announced the closing of a credit facility, including a $10 million senior secured term loan and a $7 million line of credit.

“Oxford is pleased to provide financing to support Labcyte’s growth and contribution to the life sciences industry,” said Christopher A. Herr, senior managing director for Oxford Finance. “The company’s innovative touchless liquid handling technology has enabled faster, more accurate and cost-effective solutions for life science research.”

“We are glad to help the Labcyte team move their business forward quickly,” said Jennifer Friel Goldstein, managing director for Silicon Valley Bank. “Our main objective is to increase our clients’ probability of success. Labcyte’s precision technology helps enable our broader life science community to accelerate their pace and precision of discovery.”

“This financing further strengthens our balance sheet at an attractive cost of capital,” stated Mark Fischer-Colbrie, president and chief executive officer of Labcyte. “We are pleased to expand our interactions with Silicon Valley Bank and to initiate a relationship with Oxford. This new financing will enhance Labcyte’s ability to continue to grow and expand our product portfolio by providing greater financial flexibility. Both Oxford’s and Silicon Valley Bank’s understanding of our business and focus on results makes them an excellent strategic fit with Labcyte.”

Sunnyvale, CA-headquartered Labcyte is a global biotechnology tools company.