DURHAM, N.C., May 12, 2015 (GLOBE NEWSWIRE) -- Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, announced today that it has provided a $10 million credit facility to new client TissueTech™, Inc., a regenerative tissue-engineering company that provides therapeutic technologies to the ophthalmology, optometry, orthopedic and wound care markets. Proceeds of the credit facility will provide working capital for the Company's sales force expansion and pursuit of additional growth opportunities.
TissueTech™ offers its portfolio of amniotic membrane and umbilical cord-based tissue and device products through its commercial subsidiaries: Bio-Tissue® Inc., the industry leader in regenerative biologic therapies and ocular hygiene solutions for the treatment of ocular surface diseases and disorders, and Amniox® Medical Inc., a leading provider of regenerative tissue therapies to the musculoskeletal and wound care markets.
"We are pleased with the completion of this credit facility which will support current and future growth opportunities for TissueTech and its subsidiaries," said Michael T. Cornelius, chief financial officer of TissueTech™. "This additional capital will further support our efforts to develop and bring to market innovative, regenerative tissue therapies."
"TissueTech's strong management team and innovative breakthroughs in regenerative wound healing have positioned the company for tremendous success," added Mara Huntington, managing director of Square 1 Bank's East life sciences practice. "We are proud to be the company's banking partner and look forward to supporting its growth 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 provides flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. For more information, visit www.square1bank.com.
TissueTech™, Inc. is a leader in regenerative amniotic tissue-based products for use in the ophthalmology, optometry, musculoskeletal and wound care markets. The National Institute of Health (NIH) has supported research by TissueTech™ with more than 25 continuous years of research grants. Since its inception in 2001, over 170,000 human implants have been conducted using the Company's proprietary CryoTek® method and 300 peer-reviewed scientific publications have been produced supporting the technology platform. The Company has pioneered the clinical application of human amniotic membrane and its role in stem cell research. The Company's first product, AmnioGraft®, is the only tissue graft designated by the Food and Drug Administration (FDA) as homologous for promoting ophthalmic wound healing while suppressing scarring and inflammation.
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Source:Square 1 Financial