As announced on Nasdaq GlobeNewswire:
SAN DIEGO, Jan. 18, 2017 (GLOBE NEWSWIRE) — Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $5 million credit facility to new client Argonaut Manufacturing Services, a leading contract manufacturer for biotech companies. Proceeds from the facility will support capital expenditures associated with the company’s recent expansion.
Headquartered in Carlsbad, CA, Argonaut provides contract manufacturing for top suppliers of molecular diagnostic and life science reagents and consumables. The company’s experienced team supports all product stages, from launch to revitalization, with services such as project planning, supplier management and global logistics. Clients benefit by receiving products compliant with applicable regulations and savings realized through cost variabilization.
“With business expanding and the opportunity to offer more services to our clients, Square 1 was our top choice for support,” stated Wayne Woodard, chief executive officer of Argonaut MS. “Square 1 definitely demonstrated their experience in helping life sciences entrepreneurs. They took the time to understand our business and long-term strategy, and then delivered exactly what we needed.”
“Argonaut’s leadership team has more than 100 years of operational experience, so they are well equipped to address most any supply chain challenge,” added Rilus Graham, senior vice president in Square 1’s life sciences practice. “With venture backing from Telegraph Hill Partners and the additional support of this credit facility, Argonaut is poised for growth. Square 1 is excited to support the company in its mission to accelerate innovation and unlock hidden potential in life science supply chains.”
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.square1bank.com.
About Argonaut Manufacturing Services
Argonaut MS provides contract manufacturing in the life science and biotech arena for clients looking to leverage their supply chain. With experience supporting product launch, scale-up and revitalization, Argonaut MS houses over 7500 sq.ft. of clean room production area and 3000 sq. ft. of “research use only” manufacturing space at their headquarters in Carlsbad, CA. Argonaut MS is backed by the venture capital team, Telegraph Hill Partners. For more information, visit www.argonautms.com
Square 1 Bank, a division of Pacific Western Bank