SAN DIEGO, Aug. 31, 2016 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $10 million credit facility to new client Zavante Therapeutics, a clinical-stage biotechnology company. Proceeds from the facility will provide growth capital to support commercialization efforts and the potential development of additional indications.
Headquartered in San Diego, Zavante develops and commercializes therapeutics to address serious unmet medical needs in hospitalized patients. The Company’s lead product candidate, ZTI-01, is a first-in-class injectable antibiotic which treats a broad range of infections including those caused by multi-drug resistant (MDR) bacteria. Zavante is backed by leading life sciences investors including Aisling Capital, Frazier Healthcare Partners and Longitude Capital.
“We are extremely pleased to have Square 1 as our banking partner and extend the strong financial relationship base that we have formed with our existing venture capital investors. The closing of this credit facility supports our goals of filing a New Drug Application, or NDA, for ZTI-01 with the U.S. Food and Drug Administration in the second half of 2017 and preparing for commercialization,” said Ted Schroeder, founder, president and chief executive officer of Zavante.
Rilus Graham, senior vice president in Square 1’s life sciences practice, added, “Zavante’s success to date is a testament to the vast knowledge and experience of the company’s strong board and management team. Square 1 looks forward to working with this impressive group as Zavante boosts its commercialization efforts and overall growth.”
About Zavante Therapeutics
Zavante is a privately-held, late clinical-stage biopharmaceutical company focused on licensing, developing and commercializing novel products that address serious unmet medical needs in the hospital.
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.