NEW YORK (GenomeWeb) – Oxford Finance and Silicon Valley Bank said today that they have closed a $20 million credit facility with Castle Biosciences.
The credit facility comprises a $15 million senior secured term loan and a $5 million line of credit. Castle Bio, which is based in Friendswood, Texas, will use the proceeds to accelerate marketing and new product development related to its molecular prognostic tests for patients with underserved cancers.
Specifically, Castle Bio offers DecisionDx-Melanoma for cutaneous melanoma, DecisionDx-UM for uveal melanoma, and DecisionDx-PRAME for a rare and aggressive eye cancer. DecisionDx-Melanoma, for example, uses RT-PCR to analyze the expression of 31 genes within melanomas, and can more accurately predict distant metastases in Stages I and II patients than can current staging factors, according to the company.
The company offers all of its tests out of its CLIA-certified, CAP-accredited laboratory in Phoenix, Arizona.
“Castle Biosciences is focused on delivering high-value tests to improve cancer treatment. This expanded capital facility will be used to accelerate growth of our cutaneous melanoma test, DecisionDx-Melanoma, and support our near-term pipeline,” Castle Bio President and CEO Derek Maetzold said in a statement.