Menlo Park, CA - Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a $3 million term loan to new client, SteadyMed Therapeutics, Inc., a specialty pharmaceutical company developing a pre-filled, large volume subcutaneous delivery system called PatchPump® in combination with its drug product to treat Pulmonary Arterial Hypertension (PAH). Proceeds will be used to provide working capital to SteadyMed while it continues to develop its proprietary PatchPump technology and complete clinical trials for FDA Approval.
Backed by KB Partners and Samson Ventures, SteadyMed operates internationally with offices in the San Francisco Bay Area and Rehovot, Israel. SteadyMed’s sleek user-friendly PatchPump device will enable increased control over the delivery of liquid drugs via a programmable electronic system. SteadyMed also has several ongoing collaborations with Biopharmaceutical companies who are evaluating its PatchPump as the delivery platform for their large volume biologics pipeline.
President and CEO Jonathan Rigby said, "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."
“SteadyMed has been a pleasure to work with,” said Ben Colombo, SVP of Life Sciences in Square 1 Bank’s Silicon Valley office. “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.”
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 flexible resources and unmatched support to meet our clients’ needs. The bank offers tailored products and solutions aided by the latest in technological innovations. Square 1 has offices coast to coast in Austin, Boston, Denver, Durham, Los Angeles, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.
About SteadyMed, Inc.
SteadyMed Therapeutics, Inc., is a private, venture funded drug delivery therapeutics company currently focused on the commercialization of its PatchPump® technology; a prefilled, size-efficient and disposable subcutaneous drug delivery system. The company’s range of PatchPumps can be customized to deliver liquid drugs with a wide range of volumes and viscosities, in a consistent and controllable manner. In order to represent the highest value to risk ratios, the company is leveraging the sustainable cost and technological competitive advantages of its PatchPump platform to market a family of products that benefits patients with certain chronic conditions.
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