Philadelphia, PA -- October 17, 2001 -- Silicon Valley Bank (the "Bank"), a wholly owned subsidiary of Silicon Valley Bancshares, announced today it provided InnaPhase Corporation with $1.35 million in a working capital credit facility.
InnaPhase is a leading provider of enterprise technology solutions for life sciences. The company provides enterprise technology solutions that automate key steps in the early drug development process, allowing scientists to make more informed decisions and accomplish research goals faster.
"This facility from Silicon Valley Bank demonstrates a high level of confidence in our business plan and provides us with the working capital we need to sustain our growth strategy," said Fred Powell, senior vice president of Finance and Administration for InnaPhase Corporation. "We are also pleased to be working with a financial institution that understands our market so well."
"We are impressed with the management team, the investor group and the products developed by InnaPhase," said Ash Lilani, manager and senior vice president of Silicon Valley Bank's Philadelphia office. "Additionally, we are impressed with their history of exceptional growth and plans for the future."
InnaPhase Corporation is a leading provider of enterprise technology solutions for life sciences. Its software and services enable global organizations to transform drug development data into enterprise-wide knowledge. InnaPhase solutions are rapidly becoming the industry standard for pre-clinical and clinical pharmacology. The InnaPhase solution suite helps transform early drug development data into enterprise-wide knowledge resulting in faster and more accurate decisions. With 15 years of scientific experience in advanced software and clinical database technologies, InnaPhase provides solutions for more than 800 customers in 45 countries, creating a competitive edge that allows customers to maximize and streamline their drug development pipeline. InnaPhase has locations in the United States, United Kingdom and Canada. InnaPhase's investors include LLR Equity Partners, Euclid SR Partners, New Spring Ventures and Edison Venture Fund. For more information, see InnaPhase on the worldwide web at www.innaphase.com.
About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus.
The Bank operates throughout the Silicon Valley: Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma. Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington.
SVB Contact: Andrea McGhee, (408) 654-3078, email@example.com.