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Pacific Western Bank Provides $6MM Credit Facility to Cradle Genomics

February 24, 2020, 08:00 AM
Filed Under: Industry News

Pacific Western Bank announced it has provided a $6 million credit facility to new client, Cradle Genomics, creator of non-invasive prenatal testing solutions to be offered at the earliest stages of pregnancy. The company will utilize the facility to support its rapidly expanding team and accelerate the development of proprietary technology enabling comprehensive and safe prenatal tests to be delivered as early as five weeks into a pregnancy.

Based in San Diego, California, Cradle is dedicated to improving patient care and enabling global access to the best prenatal solutions. Cradle’s tests collect fetal cells quickly during the first trimester with no risk to the mother or developing fetus. Through comprehensive fetal genetic analysis and pregnancy health screening solutions, Cradle is able to provide knowledge to assist every pregnancy. The company was founded in 2018 and is backed by Illumina Ventures, Section 32 and several other venture funds.

“It was the easiest of decisions to select Pacific Western Bank as the financial partner for Cradle,” said Tristan Orpin, CEO of Cradle Genomics. “In addition to being exceptionally professional and responsive, the team at Pacific Western are truly committed to partnering with companies that are making a positive impact in their community.”

“Cradle understands the importance of non-invasive prenatal testing and is motivated to make a real impact on patients’ lives,” added Scott Foote, co-head of Pacific Western Bank’s life sciences practice. “After raising $17.1 million in its Series A financing, the company is positioned for significant growth. We look forward to working with the Cradle team as they continue making breakthroughs in prenatal testing.”

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