New partnership formed between Square 1 Bank and SteadyMed Therapeutics, Inc.
Square 1 Bank is a premier banking partner to the venture capital community at large. SteadyMed is a specialty pharmaceutical company which will be developing a large subcutaneous delivery system called PatchPump to distribute a drug product that provides treatment for Pulmonary Arterial Hypertension. SteadyMed will be a new client for the bank, and the proceeds from the loan will be used to provide working capital to the pharmaceutical company.
"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," Steadymed President and CEO Jonathan Rigby said. "They fashioned a great solution that met everyone's needs."
The development of the PatchPump device is designed to innovate and better-manage the delivery of liquid drugs. The device will run on an electronic system that is programmable by clients. The product is already being evaluated by potential Biopharmaceutical companies that may use this system as their delivery system.
"SteadyMed has been a pleasure to work with," said Ben Colombo, SVP of Life Sciences at Square. "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."