FRIENDSWOOD, Texas--(BUSINESS WIRE)--Castle Biosciences, Inc., a provider of molecular diagnostics to improve cancer treatment decisions, today 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.”
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 and cutaneous melanoma, with development programs in other underserved cancers. 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™-Melanoma is the trademark of Castle Biosciences, Inc.
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. Learn more at svb.com.
©2016 SVB Financial Group. All rights reserved. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group. Silicon Valley Bank is a member of FDIC and Federal Reserve System.