SALT LAKE CITY, Feb. 11, 2015 (GLOBE NEWSWIRE) -- Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a $10 million debt facility to new client Sera Prognostics, Inc., a company focused on developing high-value women's health diagnostics to improve the health of pregnant women and newborns. Proceeds of the debt facility will provide working capital to help bolster commercialization efforts.
Planned for launch in 2015, Sera's PreTRMTM test uses a routine blood sample obtained during the second trimester of pregnancy to provide an early and individualized assessment of a woman's risk of preterm birth. Upon launch in the U.S., commercial testing will be performed at Sera's state-of-the-art CLIA laboratory with results returned to referring physicians. The PreTRMTM test will enable physicians to better understand the individualized risk of preterm birth earlier during pregnancy and help them to personalize the care given to pregnant women, with the goal of improving newborn health and lowering healthcare costs.
Andrew Sauter, Sera's chief financial officer, said, "This term loan augments the funds we have raised for commercialization efforts, allowing us to leverage our equity base and further our overall growth in support of our mission to improve the health of pregnant women and newborns. We greatly appreciate Square 1 Bank's partnership and support."
Rilus Graham, vice president in Square 1 Bank's life sciences practice, added, "Sera Prognostics is making great strides in women's health, and we are happy to launch this new partnership and support their growth. As Square 1 continues to expand our presence in Utah, we look forward to growing our relationship with Sera 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 and Washington, DC. For more information, visit www.square1bank.com.
About Sera Prognostics, Inc.
Sera Prognostics is a private biotechnology company developing innovative diagnostic tests designed for the early prediction of preterm birth risk and other pregnancy complications. Sera's tests are designed to help better inform the care of a mother and her unborn child during pregnancy, and potentially lead to improved health and reduced costs. The company has assembled a strong management team and board of directors with significant clinical development and women's healthcare diagnostic experience. Sera Prognostics is located in Salt Lake City, Utah. For more information, please visit the company's website at www.seraprognostics.com.
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Source:Square 1 Financial