DURHAM, N.C., June 14, 2016 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $5 million credit facility to new client YPrime, a clinical-trial solutions provider. Proceeds from the facility will be used to provide working capital as the company continues to address critical needs in clinical research.
Founded in 2006, YPrime is an emerging world leader in precision engineered software technology for clinical trials. Aiming to solve numerous eClinical challenges, YPrime offers eCOA, IRT, CTMS and a number of eClinical services and brings clarity and efficiency to the site, the patient and the logistical evolution that occurs with each clinical trial.
“Our team is excited to partner with Square 1 and continue executing our vision to provide expertise in the design, implementation and administration of software systems that collect and manage clinical data used to bring life-changing new therapies to patients,” said Shawn Blackburn, chief executive officer and co-founder of YPrime.
Evan Travis, senior vice president in Square 1’s life sciences practice, added, “Led by Shawn Blackburn, YPrime’s strong management team has a proven track record of success and innovation in the life sciences industry and is poised to lead the strategic growth of the company. We are confident that their dedication to improving outcomes in clinical research will continue to fuel the company’s evolution and success. We are pleased to be a part of their journey and are proud to serve as their financial services partner.”
About YPrime
YPrime, Inc. is a leader and innovator in eClinical solutions and technologies used exclusively in clinical research, healthcare and IT. We help Life Science organizations align process with technology to increase productivity, reduce costs, minimize risk, and grow strategically.
YPrime is headquartered in Malvern, PA, and can be found at www.YPrime.com.
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 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.