Oxford Finance and Silicon Valley Bank closed a $20 million credit facility with Castle Biosciences, a privately held, commercial-stage molecular diagnostics company dedicated to improving cancer treatment decisions. The facility is comprised of a $15 million senior secured term loan and a $5 million line of credit.

Proceeds from the credit facility are being used to provide additional working capital as Castle accelerates marketing support and new product development to further help patients and their physicians make the best possible treatment and follow-up care decisions based on the molecular signatures of their tumors.

“Oxford is pleased to provide financing to Castle Biosciences, which has developed and clinically validated prognostic tests enabling improved treatment decisions and outcomes for patients with uveal and cutaneous melanomas,” said Christopher A. Herr, senior managing director at Oxford Finance. “We look forward to supporting the company’s continued growth and development of new tests for other underserved cancers.”

“Silicon Valley Bank is pleased to continue its longstanding relationship with Castle Biosciences in support of its development efforts and commercial growth endeavors,” said Anthony Flores, director of Silicon Valley Bank’s Southwest Biopharma and Diagnostics practice.