Castle Biosciences Secures $6 Million Credit Facility From Silicon Valley Bank
FRIENDSWOOD, Texas--(BUSINESS WIRE)--Castle Biosciences, Inc., a provider of molecular diagnostics to improve cancer treatment, today announced the funding of a new credit facility with Silicon Valley Bank. The new loan provides $6 million in new capital to support Castle Biosciences’ growth plans.
“Securing debt financing through Silicon Valley Bank provides us with capital efficiently, and through a minimally dilutive structure.”
“This new capital will support key commercial and clinical activities aimed at gaining wider adoption of our cutaneous melanoma test, DecisionDx™-Melanoma, as well as support overall operations,” said Derek Maetzold, President and CEO of Castle Biosciences. “Securing debt financing through Silicon Valley Bank provides us with capital efficiently, and through a minimally dilutive structure.”
“Our goal is to invest in companies that are poised for growth,” said Mike White, Managing Director of the Southwest Life Sciences Division at Silicon Valley Bank. “Castle Biosciences has developed a powerful business model developing and commercializing high value tests to improve cancer treatment. We look forward to fostering their continued growth through a productive, long-term relationship.”
About Castle Biosciences
Castle Biosciences is a molecular diagnostics company dedicated to helping patients and their physicians make the best possible decisions about their treatment and follow-up care based on the individual molecular signature of their tumor. The Company currently offers tests for patients with uveal melanoma, cutaneous melanoma and esophageal cancer, among others. Castle Biosciences is based in Friendswood, TX (Houston), and has laboratory operations in Phoenix, AZ. More information can be found at www.castlebiosciences.com.
DecisionDx™-UM, DecisionDx™-Melanoma and DecisionDx™-EC are the trademarks of Castle Biosciences, Inc. Any other trademarks are the property of their respective owners.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Forbes named SVB one of America’s best banks (2015) and one of America’s best-managed companies (2014). Learn more at svb.com.
Silicon Valley Bank is the California bank subsidiary and commercial banking operation of SVB Financial Group (Nasdaq: SIVB), and a member of the FDIC. Silicon Valley Bank and SVB Financial Group are members of the Federal Reserve System.