AssureRx Secures $8 Million Financing With Silicon Valley Bank to Support Growth
1/31/2012 7:11:23 AM
MASON, Ohio, Jan. 31, 2012 /PRNewswire/ -- AssureRx Health, Inc., today announced that it has secured an $8 million Term and Revolving Credit Facility that provides additional capital to support increasing clinical adoption of GeneSightRx and to finance multiple new products scheduled for launch in 2012. The credit facilities were secured through the company's new banking partner, Silicon Valley Bank, a premier bank for venture-backed technology companies.
The new line of credit, combined with $11 million in Series B financing in 2011, will help AssureRx Health continue building the leading personalized medicine company in behavioral health. Since the launch of GeneSightRx in 2010, AssureRx Health has been helping clinicians individualize antidepressant and antipsychotic treatment for patients with psychiatric disorders.
"Our goal is to build the leading personalized medicine company providing treatment decision support products to help physicians individualize the treatment of patients with neuropsychiatric and other disorders," said James S. Burns, president and CEO of AssureRx Health. "We are pleased to be partnering with Silicon Valley Bank and are confident that SVB is the right financial partner to help facilitate our growth."
"We are delighted to have an opportunity to work with AssureRx as it provides much needed guidance in selecting appropriate medications for patients. AssureRx is helping to reduce the 'trial and error' prescribing that so many patients are subjected to, which will help towards the goal of reducing healthcare costs," said Jay McNeil, Managing Director of Silicon Valley Bank's Midwest Life Science Practice.
Claremont Creek Ventures and Sequoia Capital led the Series B financing in March 2011 to expand AssureRx Health's commercial organization for its first product, GeneSightRx, and to accelerate a series of new products scheduled for launch in 2012. AssureRx Health has since expanded nationally and plans to substantially increase the size of its sales force in 2012.
"AssureRx Health has enormous potential to lead the transformation of neuropsychiatric care toward individualized patient treatment," said John Steuart, managing director of Claremont Creek Ventures. "We look forward to working with Silicon Valley Bank to provide AssureRx Health with the growth capital to meet the Company's rapidly expanding business."
GeneSightRx is a laboratory developed genetic test that uses cutting edge technology to measure and analyze clinically important genetic variants in the treatment of psychiatric disorders. The results of the GeneSightRx report can help a doctor understand the way a patient's unique genetic makeup may affect certain psychiatric drugs. The analysis is based on pharmacogenomics, the study of multiple genetic factors that influence an individual's response to drug treatments, FDA approved manufacturer's drug labels, peer-reviewed scientific and clinical publications, and proven drug pharmacology. Quick turnaround time, combined with a customized report of the patient's genetic makeup, clinical experience, and other factors can help a physician make personalized drug treatment choices for each individual patient. To learn more about pharmacogenomics and GeneSightRx, please click here. Be sure to watch the educational video on our YouTube channel.
About AssureRx Health
AssureRx Health, Inc., is a personalized medicine company that specializes in helping physicians determine the right drug for individual patients suffering from neuropsychiatric and other disorders. The GeneSightRx analysis is based on pharmacogenomics, the study of the genetic factors that influence an individual's response to drug treatments, FDA approved manufacturers' drug labels, scientific and clinical peer-reviewed publications, and proven pharmacology. The company was founded to commercialize industry-leading personalized medicine technology. Cincinnati Children's Hospital Medical Center and Mayo Clinic are equity holders and technology collaborators. To learn more about pharmacogenomicsand GeneSightRx, please click here.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 26 U.S. offices and seven international operations. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
Alex H. Burgess
AssureRx Health, Inc.
Tel: (513) 234-4940
Andreas Marathovouniotis or David Schull
Tel: (212) 845-4235 or (212) 845-4271
Email: email@example.com or firstname.lastname@example.org
SOURCE AssureRx Health, Inc.