ALEXANDRIA, Va., July 30, 2015 /PRNewswire/ -- Oxford Finance LLC
("Oxford"), a specialty finance firm that provides senior debt to
life sciences and healthcare services companies, and Silicon Valley
Bank ("SVB") today announced the closing of a credit facility,
including a $13.5 million senior
secured term loan and a $1.5 million
line of credit, with AlterG, Inc. AlterG is a privately held,
venture-backed medical device and wellness company that has
developed Anti-Gravity Treadmills®, as well as the
world's first intuitive AlterG Bionic Leg™.
"Oxford is pleased to provide financing to AlterG, an innovative
company that has created new technologies that help patients and
athletes train, reduce injury and improve mobility," said
Christopher A. Herr, senior managing
director for Oxford Finance. "We look forward to supporting the
company's product development efforts and continued growth."
"SVB is happy to partner with the AlterG team as they continue
to make medical advancements within the physical therapy and
athletic training communities," said Kevin
Longo, director of life sciences for Silicon Valley Bank.
"Our main objective is to help our clients move their businesses
forward quickly with the right financing, connections and global
services."
"We have partnered with SVB and Oxford to finance several new
initiatives at AlterG," said Steve
Basta, chief executive officer of AlterG. "The new
investment capital will enable us to accelerate new product
development, and to increase marketing support for our customers.
The AlterG Anti-Gravity Treadmill provides injured,
overweight, elderly or impaired users the ability to walk or run
safely and pain free. Our goal in the future is to make the
Anti-Gravity Treadmill part of the solution to the worldwide
obesity, diabetes, and chronic disease epidemics by providing a
rehabilitation, wellness and exercise solution for millions of
people."
About Oxford Finance LLC
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 information visit
www.oxfordfinance.com.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped
innovative companies and their investors move bold ideas forward
fast. 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. Forbes named SVB one of
America's best banks (2015) and one of America's best-managed
companies (2014). Learn more at svb.com. Silicon Valley Bank is the
California bank subsidiary and
commercial banking operation of SVB Financial Group (Nasdaq: SIVB),
and a member of the FDIC. Silicon Valley Bank and SVB Financial
Group are members of the Federal Reserve System.
About Alter G, Inc.
AlterG builds life-changing technology that is revolutionizing
physical rehabilitation, training and wellness with the goal of
enabling people to sustain healthy and active lives through
mobility. Our innovative products, the Anti-Gravity Treadmills and
the AlterG Bionic Leg, are designed to enhance personal mobility
and wellness for everyone from pro athletes to seniors to children.
Our Anti-Gravity Treadmills use Differential Air Pressure (DAP)
technology, originally developed at NASA, to comfortably and
precisely unweight patients to as low as 20% of their body weight,
enabling them to walk or run with reduced impact. The Bionic Leg,
designed for patients with neurological and orthopedic gait
disorders, is a robotic assistive device that is activated by
patient initiated movement and provides stability and assistance
for a full range of mobility training.
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SOURCE Oxford Finance LLC