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Square 1 Bank Provides $4MM Credit Facility to Recursion Pharmaceuticals

February 08, 2017, 07:22 AM
Filed Under: Pharmaceuticals

Square 1 Bank, a division of Pacific Western Bank, announced that it has provided a $4 million credit facility to new client Recursion Pharmaceuticals, Inc., a leading pharmaceutical discovery company. Proceeds from the facility will be used to purchase new equipment and supplement Recursion’s recent $15.05 million Series A round of funding.

Based in Salt Lake City, Recursion Pharmaceuticals employs an innovative platform that leverages advanced biological science, computation and artificial intelligence to efficiently discover treatments for rare genetic disease and other conditions which can be modeled in human cells. In 2016, the company received national recognition for its commitments towards President Obama’s Precision Medicine Initiative, a national effort to develop patient-specific treatments which take differences between individuals into account.

“Square 1 has been a great banking partner in every sense of the word; professional, experienced and willing to develop a tailored solution to meet our needs,” noted John Pereira, chief operating officer at Recursion. “They understand how early stage companies operate and the fast pace at which we work and innovate. I’m excited to have their support as we grow.”

“In three short years, Recursion’s strong management team and innovative platform have established the company as a true leader in its field,” added Rilus Graham, senior vice president in Square 1’s life sciences practice. “Square 1 is excited to continue to grow our presence in Salt Lake City through our support of Recursion and its mission to treat 100 diseases in 10 years.”

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