Square 1 Bank Provides Term Loan to SteadyMed Therapeutics
Square 1 Bank announced that it provided a $3 million term loan to new client, SteadyMed Therapeutics, a specialty pharmaceutical company. 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 that are evaluating its PatchPump as the delivery platform for large volume biologics pipelines.
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.”
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.
SteadyMed Therapeutics 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.