Loan keeps Medivance growth on track

LOUISVILLE – Medivance Inc., a medical products manufacturer based in Louisville, plans to use a $12 million secured loan to fund the research and development of new products and for the ongoing expansion of business operations including a move to a larger space.

Medivance secured the loan through Oxford Finance Corp. and Silicon Valley Bank Inc.

Medivance will be moving from its current 15,000-square-foot space to a 40,000-square-foot facility at 321 S. Taylor Ave. in the Colorado Technology Center in October. The company currently employs 60 people and will be hiring people in manufacturing and shipping after it relocates.

“Our business is growing very quickly,´ said Robert Kline, president and chief executive. “We’re in the unique space of having a new clinical operation that is being adopted very quickly – the use of patient temperature management for therapeutic means.”

The company manufactures a cooling device that lowers a person’s body temperature and preserves brain and heart tissue in the absence of oxygen after a traumatic event. By lowering a person’s body temperature after a cardiac arrest, heart attack, stroke, brain injury or any other critical injury, they can change the outcome of the event.

Headquartered in Alexandria, Va., Oxford Finance Corp. provides loans to public and private life science companies worldwide. Silicon Valley Bank is headquartered in Santa Clara, Calif., and supports companies in the technology, life science, private equity and premium wine industries.

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