Aug 08, 2007

ZARS Pharma Secures $10.5M in Funding from Zions Bank

Salt Lake City, UT

Zions Bank announced today it has provided $10.5 million in debt funding to ZARS Pharma.

ZARS Pharma is a specialty pharmaceutical company focused on the development and commercialization of topically applied drugs with an initial focus on pain management.  "There are a number of innovative ideas being generated out of Utah's colleges and universities," said George Hofmann, executive vice president of Business Banking for Zions Bank. "We are committed to assisting in the development of these ideas and helping them grow. ZARS Pharma is a great example of this."

As part of its emerging initiative, Zions Bank has established a program to provide debt financing for venture-backed companies that have a technology or product that has moved past proof-of-concept and is moving forward into development and production.

Zions Bank is Utah's oldest financial institution, and is the only local bank with a statewide distribution of branches, operating 112 full-service branches throughout Utah. Zions Bank also operates 23 full-service branches in Idaho, and nearly 200 ATMs throughout Utah and Idaho. In addition to a wide range of traditional banking services, Zions offers a comprehensive array of investment and mortgage services, and has a network of loan origination offices for small businesses nationwide. The company is also a leader in providing electronic banking services, including electronic municipal bond trading. Founded in 1873, Zions has been serving the communities of Utah for more than 130 years.  Additional information is available at www.zionsbank.com.

 

 

ZIONS FIRST NATIONAL BANK                       
Contact: Andrea Standing                               
Public Relations Officer                               
Tel: (801) 844-7934                                    

Contact: Tom Lund
Corporate Sales
Tel: (801) 844-7284