Square 1 Bank has announced it has opened a US $3 million term loan credit facility to SteadyMed Therapeutics. This is just another instance where the bank has continued to become a premiere banking partner to the venture capital market.
SteadyMed is backed up by private equity firms KB Partners and Samson Ventures. Its business interests span the San Francisco Bay Area and Rehovoot, Israel. The main tool for its business is the PatchPump, a device that would allow increased dexterity in the delivery of liquid based pharmaceuticals through a programmable system. Aside from this, the firm is in collaboration with other biopharmaceutical companies on the other uses of the PatchPump, especially for high dosage uses.
According to Square 1 President and CEO Jonathan Rigby, "We are pleased that Square 1 assessed our multinational presence and saw how we are structured for success in our drug product development and licensing activities. They fashioned a great solution that met everyone's needs."
This was seconded by Square 1 SVP for Life Sciences Ben Colombo, "SteadyMed has been a pleasure to work with. When I looked at the teams' formidable industry backgrounds, the company's strong investor syndicate, as well as its innovative drug delivery technologies, I was excited for Square 1 to partner with them and assist in their growth."
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