Pacific Western Bank has provided a $6 million loan to San Diego-based Cradle Genomics, a creator of prenatal testing. The capital will be used for personnel hiring and accelerate the development of its technology.
Correction: An earlier headline and version of this news report misstated the name of Pacific Western Bank. It has since been corrected.
San Diego, CA- February 19, 2020 – Pacific Western Bank today announced it has provided a $6 million credit facility to new client, Cradle Genomics, creator of non-invasive prenatal testing solutions to be offered at the earliest stages of pregnancy. The company will utilize the facility to support its rapidly expanding team and accelerate the development of proprietary technology enabling comprehensive and safe prenatal tests to be delivered as early as five weeks into a pregnancy.
Based in San Diego, California, Cradle is dedicated to improving patient care and enabling global access to the best prenatal solutions. Cradle’s tests collect fetal cells quickly during the first trimester with no risk to the mother or developing fetus. Through comprehensive fetal genetic analysis and pregnancy health screening solutions, Cradle is able to provide knowledge to assist every pregnancy. The company was founded in 2018 and is backed by Illumina Ventures, Section 32 and several other venture funds.
“It was the easiest of decisions to select Pacific Western Bank as the financial partner for Cradle,” said Tristan Orpin, CEO of Cradle Genomics. “In addition to being exceptionally professional and responsive, the team at Pacific Western are truly committed to partnering with companies that are making a positive impact in their community.”
“Cradle understands the importance of non-invasive prenatal testing and is motivated to make a real impact on patients’ lives,” added Scott Foote, co-head of Pacific Western Bank’s life sciences practice. “After raising $17.1 million in its Series A financing, the company is positioned for significant growth. We look forward to working with the Cradle team as they continue making breakthroughs in prenatal testing.”
About Pacific Western Bank
Pacific Western Bank is a commercial bank with over $26 billion in assets 76 branches primarily located in California, with one in Denver, Colorado and another in Durham, North Carolina. Our Venture Banking Group offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors. We also offer Community Banking and National Lending services. For more information about Pacific Western Bank, visit www.pacwest.com, or follow us on LinkedIn and Twitter.
About Cradle Genomics
Cradle Genomics is developing clinical solutions that will transform non-invasive prenatal testing (NIPT) by offering the most comprehensive fetal genetic analysis and pregnancy health screening solutions at the earliest stages of pregnancy. The company’s mission is to provide genetic knowledge that helps every pregnancy by uniquely detecting single-gene conditions and complex genome changes to identify pregnancies at risk for complications. These tests can be delivered as early as five weeks into a pregnancy, before the detection of fetal heartbeat and results are not impacted by maternal genetic background.