Square 1 Bank Announces NovaSom Facility
Square 1 Bank announced it provided a $7.5 million credit facility to client NovaSom. Proceeds of the credit facility will provide working capital to support future growth.
John Spitznagel, CEO of NovaSom, said, “The financial resources made available by Square 1 are vital to the continued success of NovaSom. After being vetted and approved through Square 1’s diligence process, management’s vision and plans to move into its next phase of development are validated. We are very proud to have such a fine institution behind us as we move into a stronger position in the sleep market.”
“With backing from a quality investor syndicate including Quaker Partners, TPG, and Safeguard Scientifics, NovaSom has forged a path in OSA home testing and established itself as a leader in the industry,” added Mara Huntington, managing director at Square 1 Bank. “We are excited to support the company’s future growth and commitment to convenient healthcare solutions and patient care.”
Adele Oliva of Quaker Partners added, “We are pleased to assist NovaSom in their quest to bring sleep apnea testing and diagnosis directly to the patient. This innovative approach not only improves patient satisfaction but also offers a more efficient, affordable option for sleep testing for both patients and payers.”
NovaSom is a provider of obstructive sleep apnea home testing.