LONDON, Dec. 10 /PRNewswire/ -- Oxford Finance Corporation and GE Healthcare Financial Services have provided a joint pounds Sterling 7.5 million senior secured loan to Astex Therapeutics Limited. This represents one of the largest venture loans provided to a biotechnology company in Europe.
Astex Therapeutics, based in Cambridge, England, is one of the largest privately-held biotech companies in the UK, concentrating on the discovery and development of small molecule drugs in areas of unmet medical need, with a primary focus on oncology. Astex has an expanding pipeline of products in clinical and pre-clinical development.
"The financing provided to us by Oxford and GE Healthcare Financial Services is an attractive and innovative supplement to the more traditional private equity route, which gives us additional flexibility to execute our strategy for the future," said John Aston, Chief Financial Officer at Astex Therapeutics.
"Oxford is proud to work with GE to provide financial support to Astex Therapeutics' significant drug development initiatives," said J. Alden Philbrick, President and Chief Executive Officer of Oxford Finance Corporation. "We are especially pleased to participate in a precedent-setting transaction with one of the leading companies in the UK's growing biotech industry."
"We were delighted to work with these two highly respected companies to close this landmark deal," said Marcus O'Neill, Vice President of GE Healthcare Financial Services' life sciences division in Europe. "We are dedicated to increasing our commitment to European biotech companies and this deal is an important step toward reaching that goal."
About Oxford Finance Corporation
Oxford Finance Corporation, a subsidiary of Sumitomo Corporation, is a specialty finance firm providing senior secured loans to public and private life science companies worldwide. For nearly 20 years, Oxford has delivered flexible financing solutions to its clients, enabling them to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $600 million in loans, with lines of credit ranging from $100 thousand to $20 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California and Massachusetts. For more information, visit http://www.oxfordfinance.com .
About GE Healthcare Financial Services
GE Healthcare Financial Services is a provider of capital, financial solutions, and related services for the global healthcare market. With over euro 12 billion of capital committed to the healthcare industry worldwide, GE Healthcare Financial Services offers a full range of capabilities from equipment and real estate financing to working capital lending, vendor programs, and corporate financing. With its knowledge of all aspects of healthcare from hospitals and long-term care facilities to physicians' practices and life sciences, GE Healthcare Financial Services works with customers to create tailored financial solutions that help them improve their productivity and profitability. For more information, visit http://www.gehealthcarefinance.com/europe .
About Astex Therapeutics Limited
Astex Therapeutics is a biotechnology company that discovers and develops small molecule drugs in areas of unmet medical need. The company's primary focus is in oncology. Astex has a broad and expanding pipeline of products in clinical and pre-clinical development generated using its proprietary drug discovery engine, Pyramid(TM). For more information, visit http://www.astex-therapeutics.com/ .
|SOURCE Oxford Finance Corporation|
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