CHICAGO, April 22, 2014 (GLOBE NEWSWIRE) -- Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, and Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that they have provided a $10,000,000 term loan to Conventus Orthopaedics, a leader in innovative solutions for challenging peri-articular fractures. Proceeds will be used to support additional regulatory approvals and developments.
Headquartered in Maple Grove, Minnesota, Conventus was established in 2008 by seasoned physicians and medical device experts who identified a large gap in joint fracture solutions between the invasive, plating option and pinning alternative. Using advanced nitinol technology, Conventus expanded the peri-articular fracture surgical spectrum to provide patients with a range of treatment options and customized approaches. This platform utilizes 90% less hardware than traditional treatments and results in significantly less recovery time through the use of less invasive techniques.
"We are delighted to be partnering with Square 1 and Oxford in our quest to continue building value at Conventus," said Paul Buckman, President and CEO. "Both institutions are very responsive to our needs and have a strong understanding of the growth requirements for a small company. This funding will enable Conventus to continue building out our game-changing platform technology while adding new indications in both upper and lower extremities."
"Oxford is pleased to provide capital to Conventus as it seeks approval in a second indication for its novel fracture fixture technology," said Chris Herr, Managing Director for Oxford Finance. "Conventus is led by a highly regarded management team with extensive medical device experience, and we are confident the company will continue to expand its platform, enabling better outcomes and faster recovery for patients."
Ryan Dammeyer, Managing Director of Square 1's Technology and Life Sciences practices in the Midwest added, "Square 1 is proud to partner with a company carrying out important work to advance orthopedics for patients who experience joint fractures. We look forward to supporting Conventus' future growth and commitment to patient care through less invasive solutions."
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. The bank offers tailored products and solutions aided by the latest in technological innovations. Square 1 has offices coast to coast in Austin, Boston, Denver, Durham, Los Angeles, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.
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 $50 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Massachusetts, Illinois and North Carolina. For more information visit www.oxfordfinance.com.
About Conventus Orthopaedics
Conventus Orthopaedics, Inc. was founded by a team of medical device professionals and physicians with the sole purpose of improving patient care by creating a platform technology with less invasive solutions to a broad range of challenging peri-articular fractures. Taking its name from the Latin word for coming together or union, Conventus Orthopaedics is focused on creating less invasive solutions to fractures in and around joints. The company is dedicated to working with surgeons to improve healing and enable their patients' return to normal activity.