Square 1 Bank Provides Sera Prognostics Debt Facility
Square 1 Bank announced that it has provided a $10 million debt facility to Sera Prognostics. Proceeds of the debt facility will provide working capital to help bolster commercialization efforts.
Planned for launch in 2015, Sera’s PreTRMTM test uses a routine blood sample obtained during the second trimester of pregnancy to provide an early and individualized assessment of a woman’s risk of preterm birth.
Upon launch in the U.S., commercial testing will be performed at Sera’s state-of-the-art CLIA laboratory with results returned to referring physicians. The PreTRMTM test will enable physicians to better understand the individualized risk of preterm birth earlier during pregnancy and help them to personalize the care given to pregnant women, with the goal of improving newborn health and lowering healthcare costs.
Andrew Sauter, Sera’s chief financial officer, said, “This term loan augments the funds we have raised for commercialization efforts, allowing us to leverage our equity base and further our overall growth in support of our mission to improve the health of pregnant women and newborns. We greatly appreciate Square 1 Bank’s partnership and support.”
Rilus Graham, vice president in Square 1 Bank’s life sciences practice, added, “Sera Prognostics is making great strides in women’s health, and we are happy to launch this new partnership and support their growth. As Square 1 continues to expand our presence in Utah, we look forward to growing our relationship with Sera for years to come.”
Sera Prognostics is a private biotechnology company developing innovative diagnostic tests designed for the early prediction of preterm birth risk and other pregnancy complications.