Ignyta, Inc. RXDX 2.55%, an oncology precision medicine biotechnology company, announced today that it has secured a $31 million term loan facility from Silicon Valley Bank. Under the loan facility, the company received initial funding of $21 million, approximately $11 million of which was used to repay the company’s existing loan with Silicon Valley Bank, and has a conditional option to receive an additional $10 million.
“This loan facility strengthens our balance sheet as we aggressively expand the clinical development of our highly promising lead program, RXDX-101, and continue the development of the rest of our precision medicine oncology pipeline,” said Jonathan Lim, M.D., Chairman and CEO of Ignyta. “We appreciate the support Silicon Valley Bank has provided to us as we have grown.”
The loan agreement, in addition to customary conditions, provides that the second tranche of $10 million may be drawn down by Ignyta at any time prior to September 30, 2015, provided that Ignyta has initiated the Phase IIa portion of the ongoing STARTRK-1 Phase I/IIa clinical study of its lead product candidate RXDX-101.