SAN DIEGO, Feb. 07, 2017 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $4 million credit facility to new client Recursion Pharmaceuticals, Inc., a leading pharmaceutical discovery company. Proceeds from the facility will be used to purchase new equipment and supplement Recursion’s recent $15.05 million Series A round of funding.
Based in Salt Lake City, Recursion Pharmaceuticals employs an innovative platform that leverages advanced biological science, computation and artificial intelligence to efficiently discover treatments for rare genetic disease and other conditions which can be modeled in human cells. In 2016, the company received national recognition for its commitments towards President Obama’s Precision Medicine Initiative, a national effort to develop patient-specific treatments which take differences between individuals into account.
“Square 1 has been a great banking partner in every sense of the word; professional, experienced and willing to develop a tailored solution to meet our needs,” noted John Pereira, chief operating officer at Recursion. “They understand how early stage companies operate and the fast pace at which we work and innovate. I’m excited to have their support as we grow.”
“In three short years, Recursion’s strong management team and innovative platform have established the company as a true leader in its field,” added Rilus Graham, senior vice president in Square 1’s life sciences practice. “Square 1 is excited to continue to grow our presence in Salt Lake City through our support of Recursion and its mission to treat 100 diseases in 10 years.”
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 Recursion Pharmaceuticals
Recursion Pharmaceuticals is a Salt Lake City-based drug discovery company. Recursion combines experimental biology and bioinformatics with artificial intelligence in a massively parallel system to quickly and efficiently identify treatments for any disease which can be modeled at the cellular level. From its initial and continued focus on drug repurposing to treat rare diseases, Recursion has broadened its platform to probe rich data from high-throughput automated screens for a number of indications, including aging, inflammation, infectious disease, oncology, and diagnostics. Learn more at www.recursionpharma.com, or connect on Twitter (@RecursionPharma), Facebook (www.facebook.com/RecursionPharma/), and LinkedIn (https://www.linkedin.com/company/recursion-pharmaceuticals)