Square 1 Bank Announces Credit Facility to Zenflow
SAN FRANCISCO, Nov. 27, 2018
SAN FRANCISCO, Nov. 27, 2018 /PRNewswire/ -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $5 million credit facility to new client Zenflow, a privately-held urologic medical device company. Proceeds from the facility will support short-term and long-term growth initiatives.
Headquartered in South San Francisco, Zenflow was founded by a team of Stanford University Biodesign Fellows to develop a patient-focused approach to treat the symptoms of benign prostatic hyperplasia (BPH). Through the company's Spring® System, patients experiencing BPH symptoms can undergo treatment in a simple procedure in an urologist's office. The innovative Spring Implant, composed of super elastic shape-memory material, is deployed through a small, flexible catheter which can allow for a less invasive and less painful treatment. The company is backed by several leading investors including F-Prime Capital Partners, Invus Opportunities, Medical Technology Venture Partners, Y Combinator and the Stanford-StartX Fund.
"We are excited to have Square 1's confidence in our team and technology as we take the next steps in Zenflow's journey," said Nick Damiano, co-founder and chief executive officer of Zenflow. "This credit facility will help us execute on our clinical studies, secure regulatory approval, and fulfill our mission of improving quality of life for the many millions of men suffering from BPH symptoms."
"Zenflow's founders, Nick Damiano and Shreya Mehta, are great examples of medical device entrepreneurs that are advancing emerging technologies which simultaneously improve patient outcomes and reduce costs," added JC Simbana, senior vice president of Square 1's life sciences practice. "Nick and Shreya have built a talented team that is motivated to make a real impact on patients' lives. We are pleased to serve as Zenflow's financial services partner and support its mission to treat symptoms of benign prostatic hyperplasia."
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $24 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle, and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.square1bank.com.
Based in South San Francisco, California and founded in 2014, Zenflow is committed to developing the safest and most effective solutions possible for men suffering from lower urinary tract symptoms related to benign prostatic hyperplasia (BPH). Its first product, the Spring® System, is currently undergoing clinical trials with leading global urologists. The Spring® System is available for investigational use only in select countries. For more information, visit www.zenflow.com.
Square 1 Bank, a division of Pacific Western Bank
SOURCE Square 1 Bank