ALEXANDRIA, Va., April 29 /PRNewswire/ -- Oxford Finance Corporation, the principal lender, and Comerica Bank, today announced they have finalized a $15 million senior secured loan agreement with VisualSonics Inc. Both financial institutions are established providers of senior debt to the life science community.
VisualSonics' technology, the Vevo 770, provides scientific professionals with a simple method for efficiently viewing extremely small physiological structures in their native state and is used for imaging living tissue and blood flow with near-microscopic resolution. Vevo 770 facilitates noninvasive preclinical research in cardiac and vascular disease, cancer, stem cell research and developmental biology.
"VisualSonics has an expansive business strategy that builds on our past success," stated Tom Little, president and chief executive officer of VisualSonics. "We are encouraged that Oxford Finance has joined our stakeholders to support that strategy and provide funds for VisualSonics to expand its sales and marketing efforts, launch new products and broaden our product portfolio."
"Oxford is pleased to provide financial support for the expansion of VisualSonics' business," said J. Alden Philbrick, president and chief executive officer of Oxford Finance Corporation. "Their in vivo visualization technique is proving to be an essential part of the research efforts in a variety of major diseases."
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 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 $900 million in loans, with lines of credit ranging from $500 thousand to $30 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California and Massachusetts. For more information, visit www.oxfordfinance.com.
About Comerica Bank
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three major business segments: The Business Bank, The Retail Bank and Wealth & Institutional Management. Comerica's more than 11,000 colleagues focus on relationships, and helping people and businesses be successful. Comerica Bank locations can be found in Michigan, Texas, California, Arizona and Florida, with select businesses operating in several other states, as well as in Canada, Mexico and China. Comerica reported total assets of $67 billion at March 31, 2008.
About VisualSonics Inc.
VisualSonics is the world's leading developer of high-resolution, ultrasound-based, in vivo micro-imaging systems designed specifically for non-invasive preclinical research. The company's enabling micro-ultrasound technology, the Vevo 770, allow researchers at the world's most prestigious pharmaceutical and biotechnology companies, hospitals and research centers to conduct genetic research, phenotypic study and drug development. Micro-ultrasound is one of the fastest growing preclinical imaging modalities. This enabling technology is facilitating research in cardiac and vascular disease, cancer, stem cell research and developmental biology. When compared to other imaging options, only micro-ultrasound has the combination of high-resolution, real-time imaging, in vivo detection and analysis, reasonable cost, ease-of-use, portability and no negative biological effects. More information on VisualSonics can be found at www.visualsonics.com.
SOURCE Oxford Finance Corporation