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Silicon Valley Bank, Castle Biosciences Increase Facility to $14MM

March 15, 2016, 07:51 AM
Filed Under: Medical

Castle Biosciences, Inc., a provider of molecular diagnostics to improve cancer treatment decisions, announced the expansion of its credit facility with Silicon Valley Bank. The new $14 million overall facility refinances the existing $6 million growth term loan, adding $2 million in new growth capital and a new $5 million accounts receivable revolver.

"Castle Biosciences is focused on delivering high value tests to improve cancer treatment. This new capital will be used to accelerate growth of our cutaneous melanoma test, DecisionDx™-Melanoma, and support our maturing molecular diagnostic pipeline,” said Derek Maetzold, President and CEO of Castle Biosciences. “Through the continued relationship with Silicon Valley Bank we will be able to expand the reach of our innovative diagnostic tests, and help more physicians and patients make better decisions about their care.”

“We’re pleased to continue our partnership with Castle Biosciences as they mature to the next phase of growth,” said Derek Brunelle, Managing Director at Silicon Valley Bank. “Our objective is to provide the right financing, connections and global services that they need to be successful.”

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.

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