Ignyta Raises Additional $1M Through Capital Term Loan from Silicon Valley Bank
SAN DIEGO--(BUSINESS WIRE)-- Ignyta, Inc., the personalized medicine company dedicated to improving the diagnosis and treatment of patients with rheumatoid arthritis (RA), lupus and other autoimmune diseases, announced today that Silicon Valley Bank (SVB) has expanded its support of Ignyta through an additional $1M capital term loan facility. The new facility is incremental to the previous $500K facility entered into between Ignyta and SVB in June 2012.
"We appreciate the continuous support from Ignyta's equity and venture debt investors and the shared vision for Ignyta's efforts to bring better diagnostic products to patients suffering from autoimmune disease," said Jonathan Lim, M.D., CEO and co-founder of Ignyta. "Ignyta is well-capitalized to execute our ambition of developing an objective biomarker based test to help detect rheumatoid arthritis in its earliest stages."
"Ignyta has made substantial progress since we first formalized our funding relationship last year," said Mike White, senior relationship manager at Silicon Valley Bank. "We are pleased to be able to support innovative life sciences companies seeking to make a meaningful difference in the lives of patients."
About Ignyta, Inc.
Ignyta, Inc., located in San Diego, California, is a personalized medicine company developing revolutionary new products and services to customize diagnosis and treatment of patients with rheumatoid arthritis, lupus and other autoimmune diseases.
The company was launched in August 2011 by Jonathan E. Lim, M.D., former president, CEO, and board director of Halozyme Therapeutics, Inc., and Gary S. Firestein, M.D., director of the Clinical and Translational Research Institute and Dean and Associate Vice Chancellor of Translational Medicine at UC San Diego. Ignyta is a trailblazer in the application of "omics" technologies integrated with bioinformatics to the development and commercialization of novel biomarkers and tests for diagnostic and therapeutic applications in autoimmune diseases.
The scientific discoveries that fueled the founding of Ignyta were published in July 2012 in the Annals of the Rheumatic Diseases (http://bit.ly/QOZ8Zr). In 2012, the company successfully closed a $5.5 million Series B financing led by City Hill Ventures, LLC (http://www.cityhillventures.com/) and Colt Ventures (http://www.coltventures.com/), and a $500,000 capital term loan from Silicon Valley Bank (http://www.svb.com/). For more information, please visit: www.ignyta.com.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 28 U.S. offices and six international operations. (NAS: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System
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