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Square 1 Bank Provides $2.25MM Facility to Carolus Therapeutics

March 07, 2013, 08:04 AM

Square 1 Bank provided a $2.25M debt facility to new client Carolus Therapeutics, a biopharmaceutical company. The financing will support future growth.

Founded in 2008, Carolus Therapeutics is committed to the development of innovative new drugs that will provide relief to patients suffering from a host of disorders triggered by acute and chronic inflammation. The company is backed by Avalon Ventures, one of San Diego’s longest-standing venture capital firms which has been investing in life science and information technology opportunities since 1983. Avalon has supported the development of more than 60 early-stage companies.

“Carolus has created what could be a novel and important therapeutic for a host of respiratory diseases, including Cystic Fibrosis. The financing from Square 1 serves as a crucial ingredient of support as Carolus seeks new funding and a development partner,” said Court Turner, chief executive officer of Carolus and venture partner at Avalon.

Scott Foote, senior vice president in Square 1’s Life Sciences practice, added, “We are excited to partner with Carolus and support the Company’s next phase of growth as it furthers its development of innovative therapies. We also look forward to continuing our long and successful relationship with the Avalon Ventures team.”

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.

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