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Square 1 Announces $6 Million Credit Facility to CoDa Therapeutics, Inc.


10/7/2011 6:31:24 AM

SAN DIEGO--(BUSINESS WIRE)-- Square 1 Bank, the exclusive banking partner to entrepreneurs and the venture capital community, is pleased to partner with CoDa Therapeutics, Inc. in providing a $6 million term loan. This financing comes on the heels of a recent $19 million fundraising that the company closed in April. CoDa Therapeutics is a biopharmaceutical company focused on the development and commercialization of therapeutics for wound care, inflammation and tissue repair based on a new platform technology known as “Gap Junction Modulation.” They are working on a drug therapy to address wounds that heal poorly, including venous leg and diabetic foot ulcers.

David Pool, CFO of CoDa commented, “We are very pleased to extend our line of credit with Square 1 Bank. Since we established our relationship with Square 1 in early 2009 the Bank has provided a competitive and flexible approach to our financing needs, which have changed over time. Square 1’s ability to meet our changing needs as we have continued through our development path has played a key role in our financing strategy.”

“CoDa has strong science in place with a great leadership team and investors. We are thrilled to partner with a company that is equally as dedicated to innovation and growth as Square 1,” stated Scott Foote, SVP and Managing Director of Square 1 Bank’s Life Sciences West division.

About CoDa Therapeutics

CoDa Therapeutics is a clinical stage biotechnology company focused on developing novel targeted therapies that address major unmet medical needs in inflammation, wound-healing and tissue repair. The company is pioneering a new field of science: gap junction modulation using a new class of therapeutics that can modulate wound responses and reduce inflammation. CoDa has two open INDs and has completed three Phase 1 clinical trials in skin and eye, where Nexagon® was shown to be safe and tolerable following administration to over 350 wounds on more than 150 subjects. CoDa’s technology, which can be applied topically, been shown to work across a wide variety of wound and inflammatory settings and conditions. CoDa presently has issued patents in the US, Europe and elsewhere, and pending applications in more than a dozen other patent families directed to methods and compositions for the treatment of acute wounds, chronic wounds, scarring, abnormal scarring, inflammation and pain, fibrosis, surgical adhesions, and orthopedic procedures, as well as combination therapies and improved medical devices.

About Square 1

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 solid support for its clients' needs. The bank offers tailored products and solutions aided by the latest in technological innovations. To serve its relationships, Square 1 has offices coast to coast in Austin, Boston, Boulder, Durham, McLean, New York, San Diego, Santa Monica, Seattle, and Silicon Valley. For more information, visit www.square1bank.com.

Contact:

Square 1 BankKristin Beyer, 919-314-3126AVP, Marketing + Communicationskbeyer@square1bank.com




   

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