ALEXANDRIA, Va. & CARLSBAD, Calif.--(BUSINESS WIRE)--Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to healthcare services and life sciences companies worldwide, today announced the closing of a senior credit facility and revolving line of credit to DCN Dx (or “the Company”), a lateral flow diagnostics developer.
The proceeds are being used to support growth initiatives and were made alongside an equity investment in DCN Dx by Martis Capital, a private equity firm focused exclusively on the healthcare industry. Oxford Finance is the sole lead arranger and administrative agent in this transaction.
Since 2006, DCN Dx has been a leading provider of contract development services for clients seeking to explore, develop, and commercialize rapid diagnostic tests. The company supports an array of customers including global diagnostics manufacturers, nonprofits seeking tests for low-resource settings, and startups launching diagnostic-based products. Over the past 15 years, DCN Dx has successfully developed more than 100 rapid diagnostic tests for its customers.
“DCN Dx is a recognized leader in outsourced lateral flow assay development, with deep knowledge of the space,” said Tracy S. Maziek, head of healthcare services at Oxford Finance. “Oxford is proud to support the Company’s mission in creating rapid diagnostic solutions for an array of point-of-care applications including infectious diseases, which is critical during these challenging times.”
“DCN Dx has established a track record of success by consistently solving its clients’ problems,” said Charlie Mamrak, who will join the DCN Dx executive team as CEO. “I am excited to leverage the team’s deep scientific expertise to advance and expand the Company’s capabilities into the future alongside our new capital partners.”
“DCN Dx is at the forefront of an exciting transformation in point-of-care diagnostics,” added Owen Davis, partner at Martis Capital. “Oxford’s partnership approach to the transaction and flexible capital solution will enable the company to accelerate its growth.”
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 $6 billion in loans, with lines of credit ranging from $5 million to $150 million. Oxford is headquartered in Alexandria, Va., with additional offices in San Diego, Calif.; Palo Alto, Calif.; and the greater Boston and New York City areas. For more information, visit https://oxfordfinance.com/
About DCN Dx
Since its founding more than 15 years ago, DCN Dx has been committed to furthering the rapid diagnostic test market through the continued evolution of technologies and applications related to lateral flow assays. For more information about DCN Dx, visit dcndx.com.
About Martis Capital
Martis Capital is a private equity firm focused exclusively on the healthcare industry. The Martis team manages more than $1.2 billion of equity capital. It is currently investing out of its third fund. With offices in San Francisco, Calif., and Washington, DC, Martis seeks to invest in middle-market growth companies that provide innovative and cost-effective products and services within targeted segments of the North American healthcare services and information technology sub-sectors. For more information visit martiscapital.com.