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 OBT 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 a long history of supporting life science 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 Oxford BioTherapeutics by complementing their equity financing to provide an efficient solution to help stimulate their growth."
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative businesses and their investors move bold ideas forward, fast. SVB provides a range of targeted financial services and expertise through its office in the UK. With commercial and international 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). In 2014, SVB was recognised as Service Provider of the Year for the third year in a row at the Investor Allstar Awards in London. SVB's life science and healthcare practice provides a range of financial services to innovative businesses that are improving health through technology. Learn more at svb.com/lifescience.
Silicon Valley Bank is registered in England and Wales at 41 Lothbury, London EC2R 7HF, UK under No. FC029579. Silicon Valley Bank is authorised and regulated by the California Department of Business Oversight and the United States Federal Reserve Bank; authorised by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Silicon Valley Bank is a subsidiary of SVB Financial Group (NASDAQ: SIVB), a Delaware corporation and is an affiliate of SVB Financial Group UK Limited.
About Oxford BioTherapeutics
Oxford BioTherapeutics, a clinical stage biotechnology company, is developing a range of innovative antibody based therapeutics, including antibody-drug conjugates (ADCs), for the treatment of cancer. The company's ADCs are based on its proprietary OGAP® targeting platform, and incorporate novel antibody and cancer toxin technologies accessed from leading companies in the field. Oxford BioTherapeutics' network of collaborations provides a unique range of complementary ADC technologies, allowing the company to select the optimal combination for each target identified by its OGAP® system. OGAP® incorporates one of the world's largest proprietary cell-membrane focussed proteomic databases, with data on over 5,000 cancer membrane proteins providing unique, highly-qualified oncology targets that are selected for optimal ADC activity. Learn more at www.oxfordbiotherapeutics.com/.
Silicon Valley Bank – UK Branch
T: +44 (0)20 7367 8111