ATLANTA, Aug. 26, 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 credit facility to new client Sebacia, Inc., a clinical-stage, private, medical device company dedicated to the treatment of dermatological conditions. Proceeds will be used to support the company's continued growth.
Founded in 2010 as part of The Innovation Factory, Sebacia is committed to the treatment of acne through new light-based treatments and procedures. Unlike other acne remedies such as medicated creams and pills, Sebacia's treatment utilizes microparticles in combination with hair removal lasers to treat targeted areas affected by acne. Through this physician-guided treatment, patients see results in just a few visits to their dermatologists, eliminating the need for often inconvenient and prolonged home treatments.
Anthony Lando, chief executive officer of Sebacia, said, "Square 1 Bank is a great partner and will provide us with the opportunity to expand our non-dilutive funding options. The additional capital will support our strategic goals, which include completing a pivotal U.S. clinical trial to support FDA approval of Sebacia's treatment for moderate to severe acne, expanding our intellectual property portfolio, as well as preparing for manufacturing scale-up to support European and U.S. launches of the product."
Mara Huntington, managing director of Square 1 Bank's life sciences practice, added, "With impressive backing from partners such as Domain Associates and Versant Ventures, Sebacia is definitely one to watch. Its management team, led by Anthony Lando, and innovative medical device technology have positioned the company for great success. We are excited to be Sebacia's banking partner and look forward to supporting it 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, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. For more information, visit www.square1bank.com.
Sebacia, Inc. is a clinical-stage, private medical device company dedicated to creating breakthrough topical therapies for the treatment of dermatological conditions affecting millions of people. Sebacia's goal is to provide a better alternative to the daily use of topical and systemic drugs currently available for the treatment of acne. Sebacia's patented microparticles technology was invented at Rice University, and the proprietary dermatology applications were further developed with researchers from the Wellman Center of Photomedicine at Massachusetts General Hospital. Sebacia is located in Duluth, Georgia.
About Sebacia Microparticles
Made of gold and silica, Sebacia microparticles are specially designed to be activated by the light from commonly used hair removal lasers and are placed in a suspension designed to penetrate the sebaceous follicles. When exposed to a laser pulse, they create a focused photothermal effect in the sebaceous gland and follicle to reduce the activity level of the gland and the inflammatory lesions that cause acne. The Sebacia treatment is being evaluated in clinical studies in the United States and Europe as a potential acne treatment.
CONTACT: Media Contact: Square 1 Bank Dee McDougal 919.597.7479 email@example.com
Source:Square 1 Financial