Square 1 Bank Backs BioSurplus with $1.75M

Square 1 Bank has provided $1.75 million in debt financing to BioSurplus Inc., a provider of equipment management solutions and pre-owned scientific instruments to the life sciences industry. BioSurplus was formed in 2002.

PRESS RELEASE
Square 1 Bank, the premiere banking partner to entrepreneurs and the venture capital community, is pleased to announce it has provided $1.75MM in debt financing to BioSurplus, Inc., a provider of equipment management solutions and pre-owned scientific instruments to the life sciences industry. Loan proceeds will go towards fueling expansion for BioSurplus, and to repay existing indebtedness.

“BioSurplus has built a successful business with a history of exceptional performance, offering solutions for every stage of the laboratory equipment life cycle,” said Scott Foote, senior vice president and managing director of Square 1 Bank’s Life Sciences West division. “We are delighted to contribute to BioSurplus’ growth in the life sciences industry.”

Kathy Scott, chief financial officer of BioSurplus, said, “It was a pleasure working with the professionals on the Square 1 team. They took the time to understand our business, and offered terms tailored to our unique market and capital needs. Square 1 will be an important partner to BioSurplus in facilitating our anticipated growth, both regionally and via new service offerings.”

About Square 1 Bank
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. Square 1’s expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients’ needs. The bank offers tailored products and solutions aided by the latest in technological innovations. Square 1 has offices coast to coast in Austin, Boston, Denver, Durham, Los Angeles, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.

About BioSurplus, Inc.
Since 2002, BioSurplus has assembled a team of scientific experts to pioneer leading-edge solutions for every stage of the research lab equipment lifecycle. From providing a website of dynamic inventory, as well online auctions, to developing software solutions that allow clients to manage their own equipment, to offering turnkey solutions for selling surplus assets, BioSurplus is dedicated to maximizing the value and use of laboratory equipment for its customers. To this end, it has become a leading supplier of pre-owned laboratory instruments and equipment management services.