DURHAM, N.C., June 24, 2014 (GLOBE NEWSWIRE) -- Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a $5 million credit facility to new client Vascular Pathways Inc., a nationally recognized medical device manufacturer specializing in wire-guided Peripheral Intravenous catheter technology. Proceeds of the credit facility will assist in commercializing the Company's proprietary peripheral, AccuCath™ Intravenous Catheter.
The AccuCath™ Intravenous Catheter System, developed by Vascular Pathway's founder Dr. Amir Belson, offers guidewire PIV technology which has revolutionized vascular access devices. Through the device's AccuTip™ nitinol guidewire, atraumatic vessel access is provided for safe and effective catheter deployment. This innovative device is designed to reduce complication rates and increase first attempt success rates resulting in lower costs for healthcare providers and an increase in patient satisfaction.
"We are excited to be partnering with Square 1 on our mission to dramatically improve vascular access outcomes," said Bill Bold, President and CEO of Vascular Pathways. "This round of financing is an important milestone for our Company, as recent published clinical evidence proves that the AccuCath® Guidewire IV Catheter System positively impacts outcomes for patients, payors and providers alike," added Bold.
Mara Huntington, managing director at Square 1 Bank, added, "With investor backing from MVM, Ascension Ventures and CHL Medical Partners, Vascular Pathways has established itself as a pioneer in the vascular access devices industry. We look forward to supporting the company's future growth and commitment to patient care through safer, cost-effective solutions."
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, Denver, Durham, Los Angeles/Orange County, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.
About Vascular Pathways, Inc.
Founded in 2005, by Amir Belson, M.D., Vascular Pathways is a medical device company focused on improving outcomes for patients and healthcare providers globally. Privately held by CHL Medical Partners, Ascension Health Ventures, and MVM Life Sciences, Vascular Pathways is commercializing the AccuCath™ IV Catheter System, an FDA cleared, guidewire catheter system enabling rapid, safe, and successful IV insertion. For further information about Vascular Pathways or the AccuCath™ IV catheter line, please visit http://www.vascularpathways.com or call 239-254-0391.