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Oxford Finance Provides $3 Million Growth Capital Loan to Avantis Medical Systems
Date:11/9/2011

ALEXANDRIA, Va., Nov. 9, 2011 /PRNewswire/ -- Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, today announced that it closed a $3 million senior secured term loan with Avantis Medical Systems, Inc. Proceeds of the loan are being used for working capital and to support the Company's ongoing launch of its FDA-cleared product, Third Eye® Retroscope®.  This device has been shown to enhance polyp detection when used in conjunction with a colonoscope by providing a retrograde view of the lining of the colon.

"Oxford is pleased to provide financing to Avantis Medical Systems," said Christopher A. Herr, managing director for Oxford Finance. "The Company's novel technology has been clinically proven to significantly increase adenoma detection rates compared to a standard colonoscopy."

"Colonoscopy is the gold standard for preventing colon cancer by finding and removing pre-cancerous adenomas and polyps," said Avantis Medical Systems' chief medical officer, Jack Higgins, MD.  "The Third Eye® Retroscope® has been shown in clinical studies to help physicians find up to 23-25%(I, II) more adenomas than a standard colonoscope alone and over 40% additional adenomas in higher risk patients." (III)

"The Third Eye® Retroscope® fills a critically important clinical need to visualize areas of the colon and the adenomas that reside there that would otherwise go undetected during a colonoscopy," said Rick Randall, chairman and chief executive  officer of Avantis Medical Systems.  "The collaboration with Oxford Finance will provide additional capital to support the commercialization of this important medical device."

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 year
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SOURCE Oxford Finance LLC
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