Sumitomo subsidiary Oxford Finance Corporation has joined GE Capital, Healthcare Financial Services in closing a $20 million round of debt financing for NeoVista. The money will be used to support the completion of its pivotal Phase III trial of Epimacular Brachytherapy for the treatment of wet age-related macular degeneration, according to an Oxford Finance release.
Privately held NeoVista is based in Newark, CA, and is developing technologies to help advance the treatment of wet AMD, the company says on its website. Its core technology uses targeted strontium 90 beta radiation in a one-time surgical procedure. In January, the company announced the first commercial use of Epimacular Brachytherapy in Germany. Epimacular Brachytherapy is performed using the Vidion ANV Therapy system and is being offered as an adjunct therapy to anti-VEGF injections for the treatment of neovascular age-related macular degeneration, according to a company statement.
Christopher Herr, managing director for Oxford Finance, expressed enthusiasm for NeoVista's technology."Today, individuals with this disease have limited alternatives for relief, so we are especially proud to provide support to further the development of this product," he says in a statement.
- see the Oxford Finance release
ALSO: BioNanomatrix, a developer of nanoscale, single-molecule imaging and analysis platforms designed to dramatically reduce the time and cost needed to analyze the genome, has closed a $23.3 million Series B round of equity financing. Domain Associates led the round, with new investor Gund Investment Corporation and existing investors Battelle Ventures, Innovation Valley Partners and KT Venture Group joining the round. BioNanomatrix release