SAN FRANCISCO, Nov. 24, 2014 (GLOBE NEWSWIRE) -- Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a $5 million debt facility to new client Viveve, Inc., a women's health company focused on treating the condition of vaginal laxity, which results from the over-stretching of tissue during childbirth, and which can result in a decrease in sexual function and physical sensation. Proceeds of the credit facility will provide working capital to support the company's future growth.
Located in Sunnyvale, CA, Viveve's lead product, the Viveve® System, is a revolutionary, non-surgical medical device that remodels collagen and restores vaginal tissue. Benefits of the short procedure, which is completed in 30 minutes without anesthesia, can include increased sensation and sexual satisfaction.
Patricia Scheller, chief executive officer at Viveve, said, "We value our partnership with Square 1 Bank and greatly appreciate their support. This transaction allows us to drive future growth and maintain our focus on building the global market for the treatment of vaginal introital laxity."
"This term loan strengthens the company's balance sheet, reduces our overall cost of capital and provides critical funds to support our current development and commercial efforts. We're pleased to have a long-term partner in Square 1 Bank," added Scott Durbin, Viveve's chief financial officer.
Ben Colombo, senior vice president in Square 1 Bank's life sciences practice, said, "We are excited to launch this partnership with Viveve and 5AM Ventures. Square 1 is extremely impressed with Viveve's leadership team and the technological advances the company has made in women's health. We look forward to growing this relationship for years to come."
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Denver, Durham, Los Angeles/Orange County, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.
Viveve, Inc. is a women's health company passionately committed to advancing new solutions to improve women's overall well-being and quality of life. The company's lead product, the Viveve® System, is a non-surgical, non-ablative medical device that remodels collagen and restores tissue. The Viveve System treats the condition of vaginal laxity, which is the result of the over-stretching of tissue during childbirth that can result in a decrease in physical sensation and sexual satisfaction. Physician surveys indicate that vaginal laxity is the number one post-delivery physical change for women, being more prevalent than weight gain, urinary incontinence or stretch marks. The Viveve Treatment uses patented, reverse-thermal gradient radiofrequency technology to tighten the tissues of the vaginal introitus (opening) and requires only a 30-minute out-patient treatment in a physician's office. The Viveve System has received regulatory approval in Europe, Canada and Hong Kong and is available through physician import license in Japan. The company is currently working on receiving a 510K indication in the U.S.
CONTACT: Media Contact: Square 1 Bank Dee McDougal 919.597.7479 firstname.lastname@example.org
Source:Square 1 Financial