Daily News: March 4, 2013

SVB Provides Additional $1MM Term Loan to Ignyta

Ignyta, Inc., a personalized medicine company, announced that Silicon Valley Bank expanded its support of Ignyta through an additional $1 million capital term loan facility. The new facility is incremental to Ignyta’s previous $500,000 facility with SVB, which closed 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.”

San Diego, CA-based Ignyta is a personalized medicine company developing products and services to customize diagnosis and treatment of patients with rheumatoid arthritis, lupus and other autoimmune diseases.