Instagram Outage Disrupts Thousands of U.S. Users 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Anthropic Eyes $350 Billion Valuation as AI Funding and Share Sale Accelerate 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
SAN DIEGO, Aug. 31, 2016 -- 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.
Media Contact: Square 1 Bank, a division of Pacific Western Bank Dee McDougal 919.597.7479 [email protected]
