SAN JOSE — Oxford Finance, a specialty finance firm that provides senior debt to life sciences and healthcare services companies, has closed a $20 million senior secured term loan with VitalConnect, Inc., a leader in wearable biosensor technology for wireless monitoring in hospital and remote patient populations. The funds are being used to further the commercialization of the VitalConnect solution suite for both hospital and remote patient monitoring markets.
The VitalConnect solution integrates the VitalPatch biosensor with mobile and cloud-based software and analytics so patients can be monitored around the clock and across care settings. Patients enjoy the comfort the VitalPatch provides while caregivers have access to unprecedented insight into a patient’s health.
“VitalConnect’s technology enables healthcare providers to improve both the quality and efficiency of patient care,” said Christopher A. Herr, senior managing director at Oxford Finance. “Oxford is excited to support VitalConnect in its mission to improve patient outcomes and reduce healthcare costs by providing the healthcare community with a clinical-grade wearable biosensor that enables high-quality and continuous, patient monitoring typically found in acute-care units.”
VitalConnect’s chief executive officer, Nersi Nazari, PhD, said, “VitalConnect is focused on delivering solutions that save lives and improve patient care – providing data and analytics that will improve care decisions when it matters most. The expanded debt facility provided by Oxford Finance in addition to our recent funding raise will allow us to continue to focus on these goals by expanding our commercial footprint and while accelerating our pipeline development.”