Square 1 Bank provided a $7.5 million credit facility to new client BAROnova, a clinical-stage medical device company.

Proceeds from the facility will supplement the company’s recently raised Series D equity round to support continued growth and strategic initiatives.

Located in San Carlos, CA and Goleta, CA, BAROnova has developed a non-surgical, non-pharmacologic medical device for weight loss in patients with obesity.

David Thrower, CEO of BAROnova, said, “Based upon our pilot data, we believe that we will be able to offer obese patients a non-invasive solution for weight loss. We anticipate completing our pivotal trial enrollment in the near future and believe the TransPyloric Shuttle, with its one-year device residence duration, will offer significant advantages for obese patients with a desire to lose weight and to create a healthier lifestyle.”

Rilus Graham, senior vice president in Square 1’s life sciences practice, said, “Having recently raised a successful Series D round of financing, BAROnova has taken critical steps toward the launch of a minimally invasive weight-loss product to help treat obesity. We are excited to support the BAROnova team in their mission to move this innovative technology to market.”