SVB Expands Ignyta Capital Term Loan
Ignyta, an oncology precision medicine biotechnology company, announced that Silicon Valley Bank has bolstered its support of Ignyta through an expanded $10 million capital term loan facility. The new facility replaces the previous $1.5 million facility entered into between a wholly-owned subsidiary of Ignyta and SVB in June 2012 and February 2013.
“SVB has been an invaluable financial partner to Ignyta since our earliest days,” said Jonathan Lim, M.D., chairman and CEO of Ignyta. “SVB supports Ignyta’s vision of developing important new medicines for people with cancer.”
“Ignyta continues to make progress and reach its milestones,” said Mike White, managing director at Silicon Valley Bank. “It is emblematic of the type of life science company that SVB works with, seeking to make a meaningful difference in the lives of patients.”
Ignyta, located in San Diego, CA, is a biotechnology company developing precision medicine with integrated Rx/Dx solutions for cancer patients.