Daily News: December 20, 2012

Square 1 Bank Provides $1.75MM Debt Facility to BioSurplus

Square 1 Bank provided $1.75 million in debt financing to BioSurplus. Loan proceeds will go towards fueling expansion and to repay existing indebtedness.

“BioSurplus has built a successful business with a history of exceptional performance, offering solutions for every stage of the laboratory equipment life cycle,” said Scott Foote, senior vice president and managing director of Square 1 Bank’s Life Sciences West division. “We are delighted to contribute to BioSurplus’ growth in the life sciences industry.”

Kathy Scott, CFO of BioSurplus, said, “It was a pleasure working with the professionals on the Square 1 team. They took the time to understand our business, and offered terms tailored to our unique market and capital needs. Square 1 will be an important partner to BioSurplus in facilitating our anticipated growth, both regionally and via new service offerings.”

Square 1 Bank is a full-service commercial bank that serves the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion.

BioSurplus is a provider of equipment management solutions and pre-owned scientific instruments to the life sciences industry.