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Oxford Finance, SVB Close $12MM Facility With ReShape Medical

April 22, 2015, 07:22 AM
Filed Under: Medical

Oxford Finance and Silicon Valley Bank announced the closing of a $12 million senior secured term loan agreement with ReShape Medical, Inc. ReShape Medical specializes in a dual-intragastric balloon for weight loss, ReShape Integrated Dual Balloon System, which is used as an aid in the treatment of obese patients.  Proceeds of the loan will be used for marketing  purposes and for future product enhancements.

"Oxford is pleased to provide capital to ReShape Medical for the commercialization of its product," said Christopher A. Herr, managing director for Oxford Finance. "The company is anticipating FDA approval of the ReShape Dual Balloon, which would be among the first non-surgical weight loss devices available in the United States."

"Increasing our clients' probability of success is our primary objective in working with companies like ReShape Medical that are bringing important medical advancements to the healthcare market," said Brett Maver, director for Silicon Valley Bank in San Diego, California. "We are happy to help the ReShape Medical team move its business forward quickly as the company grows."

"We are very pleased to be working with the SVB and Oxford teams," said Rick Thompson, ReShape Medical president and CEO.  "This financing enhances our ability to move forward while awaiting the FDA decision and preparing for an equity financing round to fund commercialization of our product."

Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $2 billion in loans, with lines of credit ranging from $500 thousand to $75 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Massachusetts and North Carolina.

For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators.

ReShape Medical is a medical device company focused on the development and commercialization of its dual intragastric balloon for weight loss.

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