Square 1 Bank 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."
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.
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.