MINNEAPOLIS, June 21, 2016 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided an $8 million credit facility to new client NICO Corporation, an Indianapolis-based developer and manufacturer of neurosurgery medical devices. Facility funds will be used to support the company’s continued growth and to perform a randomized controlled trial evaluating the clinical effectiveness of early surgical intervention using NICO’s BrainPath® device following intracerebral hemorrhage, the deadliest, most costly and debilitating form of stroke.
Founded in 2007, NICO develops access, tissue removal and tissue preservation technology for minimally disruptive corridor neurosurgery. Specifically, NICO’s instruments allow entry into limited-access surgical sites such as cranial, ENT, spinal and otolaryngology areas. Its BrainPath tool is helping to redefine the notion of “inoperable” brain surgery through non-invasive subcortical access to treat primary and secondary brain tumors, vascular abnormalities and secondary bleeds. In creating new technology and devices, NICO enables healthcare institutions to meet the new healthcare benchmark of “Triple Aim,” which seeks to balance and optimize clinical and economic outcomes for the patient, medical practice and society.
“Our partnership with Square 1 comes at a time when NICO is delivering solutions that meet several gaps in the neurosurgery market,” said Jeff Hanthorn, chief operating officer for NICO. “This allows us to continue to support those market needs and clinical needs of the patient through growth and expansion, while embarking on an important clinical trial that holds much promise for leading a change in the standard of care for those suffering from an intracerebral hemorrhage.”
Jay McNeil, managing director of Square 1’s life sciences practice in the Midwest, added, “The NICO team has a proven track record in developing medical devices and minimally invasive surgical instruments. We are excited about the impact NICO’s technology will have on surgical outcomes, and we look forward to serving as their financial partner every step of the way.”
About NICO
NICO Corporation is dedicated to developing technology for the field of corridor neurosurgery and has a mission of revolutionizing minimally invasive neurosurgical care through the creation of innovative breakthrough technologies, proper education and teamwork that result in better clinical and economic outcomes. BrainPath is used to access and navigate through the delicate folds and fiber tracks of the brain by displacing brain tissue as it creates a corridor to the abnormality, all through an opening the size of a dime. Launched in 2012, more than 3,000 BrainPath procedures have been performed to date.
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.
