Date: Jan 23, 2014 Source: FinSMEs (
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Proteus Digital Health, a Redwood City, Calif.-based developer of digital medicine products, received a $31.6m debt financing.
The financing package, which was provided from both Oxford Finance and Silicon Valley Bank (Nasdaq: SIVB), included a senior secured term loan and a revolving line of credit.
Proceeds of the loan will be used for working capital growth.
Led by Andrew Thompson, CEO, Proteus is working to define an innovative category of products, services and data systems (Digital Medicines) that have the potential to improve the effectiveness of existing pharmaceutical treatments. These new pharmaceuticals contain a tiny sensor that can communicate, via a digital health feedback system, vital information about an individual's medication-taking behavior and how their body is responding.
The company has received a CE mark in Europe and FDA market clearance in the U.S. for its wearable sensor devices.
It is funded by Carlyle, Essex Woodlands, Kaiser Permanente, Medtronic, Novartis, Otsuka, Oracle, ON Semiconductor and others.
