Square 1 Bank announced that it provided a term loan to new client Auspex Pharmaceuticals, a San Diego-based clinical stage biotechnology company. Proceeds will be used to supplement working capital while entering Phase 3 clinical trials for its leading compound SD-809.
Located in La Jolla, CA, Auspex Pharmaceuticals is currently exploring the potential of certain compounds with deuterium to create therapeutics that will expand on many qualifying and already clinically validated drugs.
“We have been impressed with how Square 1 worked to meet the needs of both the company and its investors. We look forward to continuing on an exciting phase of development of deuterium-containing pharmaceutical products,” said Pratik Shah, executive chairman at Auspex and partner at Thomas, McNerney, & Partners, one of Auspex’s current investors.
“We are thrilled to have tailored this term loan for Auspex and become their new financial partner as they push towards FDA-approval,” said Scott Foote, senior vice president and managing director of Square 1 Bank’s Life Sciences West division. “We think they show great promise in their market and they have a winning combination of strong management and supportive investors.”
Square 1 Bank is a commercial bank that serves the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion.
Founded in 2001, Auspex Pharmaceuticals is a privately-held venture-financed company that is developing compounds that integrate the unique properties of deuterium, a non-radioactive isotope of Hydrogen, into previously approved drugs to reduce dosage by increasing the half-life.