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Oxford Finance, Silicon Valley Bank Close $17MM Facility With Labcyte

May 06, 2015, 07:34 AM
Filed Under: Biotechnology

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, with Labcyte Inc. Labcyte is a global biotechnology tools company that is revolutionizing life science research with its patented acoustic liquid handling technology. Proceeds of the loan will be used to support Labcyte's research and development efforts and the expansion of its worldwide business.

"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."

Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide.

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.

Labcyte, a global biotechnology tools company headquartered in Sunnyvale, California, is revolutionizing liquid handling.

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