Square 1 Bank Announces Credit Facility to Recursion Pharmaceuticals
05 Juni 2018 - 3:00PM
Square 1 Bank, a division of Pacific Western Bank, today announced
that it has provided a $20.5 million credit facility to existing
client Recursion Pharmaceuticals, an innovative biotechnology
company specializing in artificial intelligence enabled drug
discovery. Proceeds from the facility will support continued growth
initiatives.
Based in Salt Lake City, Recursion Pharmaceuticals combines
artificial intelligence and automation to conduct experimental
biology at scale. By applying advanced machine learning algorithms
to a rapidly-growing dataset of more than one petabyte of relatable
biological images, the company is able to discover new chemical
entities, predict mechanisms of action, reveal previously
undiscovered biology, and map compounds to any disease that can be
modeled in human cells. Recursion is backed by several leading
investors including Lux Capital, Data Collective Venture Capital,
Mubadala Investment Company, and Obvious Ventures.
“Using a parallel approach and leveraging the speed of
automation and the power of machine learning, Recursion aims to
bring treatments to the clinic much faster and at a lower cost than
previously possible,” said Chris Gibson, Ph.D., co-founder and
chief executive officer of Recursion Pharmaceuticals. “With Square
1’s non-dilutive funding option, we are able to expand our platform
to enable target discovery and new chemical entity discovery as
well as identify potential treatments in new indication areas like
inflammation, immuno-oncology, infectious disease, and aging. These
initiatives support our ambitious goal of finding 100 new
treatments by 2025.”
“Square 1 has enjoyed serving as Recursion Pharmaceuticals’
financial services partner since 2016 and seeing its impressive
evolution during this time,” added Rilus Graham, senior vice
president in Square 1’s life sciences practice. “After raising $60
million in its Series B financing, the company is positioned for
significant growth and continued breakthroughs in biotech. We look
forward to working with the Recursion team every step of the way in
their successful journey.”
About Square 1 BankSquare 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.
About Recursion PharmaceuticalsRecursion
Pharmaceuticals is an emerging biotechnology company based in Salt
Lake City. 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. Recursion’s ultimate vision is to leverage technology
to build a robust and reliable map of human cellular biology, which
would enable a radical shift in the pace and scale at which new
treatments could benefit patients. Learn more at
www.recursionpharma.com, or connect on Twitter, Facebook, and
LinkedIn.
Media Contacts: Square 1 Bank, a division of
Pacific Western Bank Laura Piggott919.597.7466
lpiggott@square1bank.com
Recursion Pharmaceuticalspress@recursionpharma.com
Jessica Yingling, Ph.D.Little Dog
Communications858.344.8091jessica@litldog.com
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