San Diego, CA – Square 1 Bank, a diversified financial services company for entrepreneurs and the venture capital community, is pleased to provide a $3 million line of credit to ViaCyte, Inc., a stem cell engineering company dedicated to creating and commercializing cell therapies to treat diabetes. The company's goal is insulin independence without immunosuppression, hypoglycemia, or other diabetes-related complications.
“With their flexibility and attention, we truly received a unique banking experience with Square 1. They listened to our needs and supplied a creative and customized term sheet that met the strategic goals of our company,” said Allan Robins, ViaCyte’s Acting CEO. “This may benefit the many diabetes patients in our quest to provide innovative therapies for insulin independence.”
Scott Foote, SVP and Managing Director of Square 1 Bank’s Life Sciences West division said, “ViaCyte is developing a unique technology with the potential to change the treatment paradigm of patients with diabetes. We look forward to further supporting the developments of the company.”
ViaCyte is a preclinical therapeutic company focused on diabetes. Our therapy is based on the differentiation of stem cells into pancreatic beta cell precursors, with subcutaneous implantation in an encapsulation device. Data in our publications demonstrates that these cells can produce therapeutically relevant levels of insulin in response to blood glucose, and sustain diabetic animals. Our goal is a product which can free both Type 1 and Type 2 patients with diabetes from insulin dependence on a long-term basis, while reducing or eliminating hypoglycemic, microvasculature, and weight-related cardiovascular complications.
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide solid support for its clients' needs. The bank offers tailored products and solutions aided by the latest in technological innovations. To serve its relationships, Square 1 has offices coast to coast in Austin, Boston, Boulder, Durham, McLean, New York, San Diego, Santa Monica, Seattle, and Silicon Valley. For more information, visit www.square1bank.com.
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