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.
“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.”