SAN DIEGO, Sept. 14, 2016 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $7.5 million credit facility to new client BAROnova, Inc., a clinical-stage medical device company. Proceeds from the credit facility will supplement the company’s recently raised Series D equity round to support continued growth and strategic initiatives.
Located in San Carlos and Goleta, California, BAROnova® has developed a non-surgical, non-pharmacologic medical device for weight loss in patients with obesity. The BAROnova TransPyloric Shuttle® (TPS®) is designed to slow gastric emptying which enables patients to feel fuller longer. The device is inserted into the patient’s stomach through a brief endoscopic procedure. Currently in clinical trial, the ongoing FDA pivotal study is designed to demonstrate the relative efficacy and safety of the device in combination with modest diet and lifestyle support versus diet and lifestyle support alone.
David Thrower, chief executive officer of BAROnova, commented, “Based upon our pilot data, we believe that we will be able to offer obese patients a non-invasive solution for weight loss. We anticipate completing our pivotal trial enrollment in the near future and believe the TransPyloric Shuttle, with its one-year device residence duration, will offer significant advantages for obese patients with a desire to lose weight and to create a healthier lifestyle. We are grateful to our investors and to Square 1 for supporting BAROnova during this exciting time leading to FDA PMA submission.”
Rilus Graham, senior vice president in Square 1’s life sciences practice, added, “Having recently raised a successful Series D round of financing, BAROnova has taken critical steps toward the launch of a minimally invasive weight-loss product to help treat obesity. We are excited to support the BAROnova team in their mission to move this innovative technology to market.”
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.
About BAROnova, Inc.
BAROnova is a clinical-stage medical technology company developing devices for the treatment of obesity. BAROnova’s technology focuses on slowing gastric emptying, a known mechanism of action for weight loss. For more information about the company, please visit www.BAROnova.com.
About the TransPyloric Shuttle
BAROnova's novel weight-loss device, the TransPyloric Shuttle (TPS), is inserted and removed through the mouth using standard endoscopic techniques. In a previous feasibility study of the TPS, patients with a BMI of 30-40 kg/m2 demonstrated an average excess weight loss of 58% and an average total body weight loss of over 14.5% after six months.
Source: Square 1 Bank, ADivision of Pacific Western Bank