BETHESDA, Md.--10 February 2011-- GE Capital, Healthcare Financial Services announced today that it has provided, as sole lender and agent, a $12.5 million senior secured multi-draw term loan facility to Oncothyreon Inc. The financing provides the company with working capital to support clinical development activities.
Oncothyreon is a Seattle, WA-based biotechnology company specializing in the development of innovative therapeutic products for the treatment of cancer. The company is dedicated to the development and commercialization of synthetic vaccines and targeted small molecules that have the potential to improve the lives and outcomes of cancer patients.
"The loan facility provided by GE Capital, Healthcare Financial Services will provide us with financial flexibility to continue advancing our product development pipeline," said Robert L. Kirkman, M.D., president and chief executive officer of Oncothyreon.
"GE Capital, Healthcare Financial Services is happy to be a supportive financing resource to Oncothyreon," said Anthony Storino, senior managing director, GE Capital, Healthcare Financial Services, Life Sciences. "The financing provides the company flexibility to meet their product development and financial goals."
About GE Capital, Healthcare Financial Services
With over $17 billion invested in more than 30 sub-sectors including senior housing, hospitals, pharmaceuticals, and medical devices, GE Capital, Healthcare Financial Services is a premier provider of capital and services to the healthcare industry. Our team of professionals provides deep industry expertise to create business and financial solutions tailored to meet the individual needs of our customers. The Life Science Finance team has worked with more than 500 companies throughout the United States, Canada and Europe. With a dedicated focus on assisting life science companies large and small, from the first venture round to post-IPO, the team has provided over $2.5 billion in financing to the market. For more information, visit gecapital.com/healthcare.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. Visit ge.com.
Ned Reynolds
GE Capital
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