Square 1 Bank Announces Debt Facility to Viveve, Inc.
SAN FRANCISCO, Nov. 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 debt facility to new client Viveve, Inc., a women’s health company focused on treating the condition of vaginal laxity, which results from the over-stretching of tissue during childbirth, and which can result in a decrease in sexual function and physical sensation. Proceeds of the credit facility will provide working capital to support the company’s future growth.
Located in Sunnyvale, CA, Viveve’s lead product, the Viveve® System, is a revolutionary, non-surgical medical device that remodels collagen and restores vaginal tissue. Benefits of the short procedure, which is completed in 30 minutes without anesthesia, can include increased sensation and sexual satisfaction.
Patricia Scheller, chief executive officer at Viveve, said, “We value our partnership with Square 1 Bank and greatly appreciate their support. This transaction allows us to drive future growth and maintain our focus on building the global market for the treatment of vaginal introital laxity.”