Oxford Finance and Silicon Valley Bank Close $15 Million Debt Facility with AlterG
Tuesday, August 25, 2015
Oxford Finance LLC (Oxford), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, and Silicon Valley Bank (SVB) closed 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."