30 July 2015
Oxford BioTherapeutics receives $10 million capital term loan from Silicon Valley Bank
Oxford BioTherapeutics (OBT) today announced the funding of a new capital term loan from Silicon Valley Bank, the bank of the world’s most innovative businesses and their investors. The financing will provide $10 million in capital, with $5 million being funded immediately. The debt will complement new equity the company is raising. The total financing of equity and debt will allow Oxford BioTherapeutics to accelerate the expansion of its research and development efforts.
OBT is an international clinical stage biotechnology company focused on developing innovative antibody based therapeutics, including antibody-drug conjugates (ADCs), to treat cancer and other diseases. OBT uses the optimal combination of technologies in ADC development through its collaborations with leading companies in the field and its novel OGAP® target discovery system – one of the largest of its kind in the world to provide a unique range of validated, novel antigen targets.
“This additional financial support will enable Oxford BioTherapeutics to accelerate the development of our medicines,” said Christian Rohlff, the CEO of Oxford BioTherapeutics. “With long history of supporting life sciences businesses, Silicon Valley Bank is a valuable partner that recognises Oxford BioTherapeutics’ ability to transform the treatment of cancer and other diseases in an innovative way.”
“Silicon Valley Bank is working alongside leading UK life science businesses, like Oxford BioTherapeutics, to provide financial solutions that support this sector’s ambitions to bring innovative therapies to the market,” added Nooman Haque, Director of UK Life Sciences and Healthcare for Silicon Valley Bank. “This financing demonstrates Silicon Valley Bank’s unique ability to work with businesses like OBT by complementing their equity financing to provide an efficient solution to help stimulate their growth.”