AUSTIN, Texas, Dec. 14, 2016 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $7 million credit facility to new client TVA Medical, Inc., a medical device company serving the needs of patients with end-stage renal disease. Proceeds from the facility will help fund ongoing company operations including global clinical and market development initiatives.
Headquartered in Austin, Texas, TVA Medical develops minimally invasive therapies for chronic kidney disease and other medical conditions. The company’s catheter-based system uses an endovascular approach to create an arteriovenous fistula (AVF), joining an artery to a vein, in patients in need of hemodialysis, which requires vascular access to connect the patient to the dialysis machine. TVA Medical’s minimally invasive everlinQTM endoAVF System will offer millions of patients worldwide receiving hemodialysis therapy a less traumatic procedure bypassing the need for open surgery.
“Three million patients worldwide suffer from chronic kidney failure and need hemodialysis to stay alive. We are excited to work with Square 1 to advance our minimally invasive AV fistula option for these patients globally,” said Adam Berman, president and chief executive officer of TVA Medical.
“The hemodialysis patient population is growing at a rate of over 6% per year,” added Lisa Foussianes, senior vice president in Square 1’s life sciences practice. “The demand for a less-invasive AVF alternative is strong, and the TVA Medical team is dedicated to bringing a viable solution to market. These experienced innovators have developed a device in an ‘undeviced’ market, and Square 1 is excited to be their financial services partner as they continue to develop technology that improves patient outcomes.”
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.
About TVA Medical
TVA Medical, Inc., headquartered in Austin, Texas, is developing minimally invasive therapies for end-stage renal disease, peripheral vascular disease and other potential applications, including a catheter-based AV fistula system. For more information, visit www.TVAMedical.com.