ALEXANDRIA, Va. & CARLSBAD, Calif.– 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.”
