AssureRx Health Secures $8 Million With Silicon Valley Bank
AssureRx Health, Inc. announced that it has secured an $8 million term and revolving credit facility that provides additional capital to support increasing clinical adoption of GeneSightRx and to finance multiple new products scheduled for launch in 2012. The credit facilities were secured through the company’s new banking partner, Silicon Valley Bank.
The new line of credit, combined with $11 million in Series B financing in 2011, will help AssureRx Health continue building the leading personalized medicine company in behavioral health. Since the launch of GeneSightRx in 2010, AssureRx Health has been helping clinicians individualize antidepressant and antipsychotic treatment for patients with psychiatric disorders.
“We are delighted to have an opportunity to work with AssureRx as it provides much needed guidance in selecting appropriate medications for patients. AssureRx is helping to reduce the ‘trial and error’ prescribing that so many patients are subjected to, which will help towards the goal of reducing healthcare costs,” said Jay McNeil, managing director of Silicon Valley Bank’s Midwest Life Science Practice.
Claremont Creek Ventures and Sequoia Capital led the Series B financing in March 2011 to expand AssureRx Health’s commercial organization for its first product, GeneSightRx, and to accelerate a series of new products scheduled for launch in 2012. AssureRx Health has since expanded nationally and plans to substantially increase the size of its sales force in 2012.
“AssureRx Health has enormous potential to lead the transformation of neuropsychiatric care toward individualized patient treatment,” said John Steuart, managing director of Claremont Creek Ventures. “We look forward to working with Silicon Valley Bank to provide AssureRx Health with the growth capital to meet the Company’s rapidly expanding business.”
GeneSightRx is a laboratory developed genetic test that uses cutting edge technology to measure and analyze clinically important genetic variants in the treatment of psychiatric disorders.
AssureRx Health, Inc., is a personalized medicine company that specializes in helping physicians determine the right drug for individual patients suffering from neuropsychiatric and other disorders.