SAN FRANCISCO, Nov. 27, 2018 /PRNewswire/ -- Square 1 Bank,
a division of Pacific Western Bank, today announced that it has
provided a $5 million credit facility
to new client Zenflow, a privately-held urologic medical device
company. Proceeds from the facility will support short-term and
long-term growth initiatives.
Headquartered in South San
Francisco, Zenflow was founded by a team of Stanford University Biodesign Fellows to develop a
patient-focused approach to treat the symptoms of benign prostatic
hyperplasia (BPH). Through the company's Spring® System,
patients experiencing BPH symptoms can undergo treatment in a
simple procedure in an urologist's office. The innovative Spring
Implant, composed of super elastic shape-memory material, is
deployed through a small, flexible catheter which can allow for a
less invasive and less painful treatment. The company is backed by
several leading investors including F-Prime Capital Partners, Invus
Opportunities, Medical Technology Venture Partners, Y Combinator
and the Stanford-StartX Fund.
"We are excited to have Square 1's confidence in our team and
technology as we take the next steps in Zenflow's journey," said
Nick Damiano, co-founder and chief
executive officer of Zenflow. "This credit facility will help us
execute on our clinical studies, secure regulatory approval, and
fulfill our mission of improving quality of life for the many
millions of men suffering from BPH symptoms."
"Zenflow's founders, Nick Damiano
and Shreya Mehta, are great examples
of medical device entrepreneurs that are advancing emerging
technologies which simultaneously improve patient outcomes and
reduce costs," added JC Simbana, senior vice president of Square
1's life sciences practice. "Nick and Shreya have built a talented
team that is motivated to make a real impact on patients' lives. We
are pleased to serve as Zenflow's financial services partner and
support its mission to treat symptoms of benign prostatic
hyperplasia."
About Square 1 Bank
Square 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 Zenflow
Based in South
San Francisco, California and founded in 2014, Zenflow is
committed to developing the safest and most effective solutions
possible for men suffering from lower urinary tract symptoms
related to benign prostatic hyperplasia (BPH). Its first product,
the Spring® System, is currently undergoing clinical
trials with leading global urologists. The Spring®
System is available for investigational use only in select
countries. For more information, visit www.zenflow.com.
Media Contact:
Square 1 Bank, a division of Pacific
Western Bank
Laura Piggott
919.597.7466
lpiggott@square1bank.com
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SOURCE Square 1 Bank