Sophiris Bio, Inc. (NasdaqGM:SPHS) announced that it has entered into a loan and securities purchase agreement with returning investor Oxford Finance LLC for gross proceeds of $6,00,000 on June 30, 2014. The company will receive funding in form of a loan. The loan bears fixed interest rate of 9.504% per annum, which interest shall be payable monthly in arrears. The company shall pay the investor an additional fee of 5% of the original principal amount as end of term charge upon the earliest, the maturity date, the date the company prepays all outstanding amounts under the loan and security agreement, or the date that all amounts under the loan and security agreement become due and payable. The repayment terms are interest only payments through July 1, 2015 followed by 36 months of equal principal and interest payments. The company will issue a warrant to purchase up to 82,192 common shares at $2.19 per share for a period of seven years.

On June 30, 2014, Sophiris Bio, Inc. closed the transaction.