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Castle Biosciences Expands Credit Facility

NEW YORK (GenomeWeb) – Molecular diagnostics developer Castle Biosciences said today that it has expanded its credit facility with Silicon Valley Bank to $14 million.

The new facility refinances the company's existing $6 million loan, and adds $2 million in capital for new growth and a $5 million accounts receivable revolver loan. Castle said it will use the money to accelerate the development of its cutaneous melanoma test, DecisionDx-Melanoma, and to speed up new projects in its molecular diagnostic pipeline.

"Through the continued relationship with Silicon Valley Bank, we will be able to expand the reach of our innovative diagnostic tests, and help more physicians and patients make better decisions about their care," said President and CEO Derek Maetzold in a statement.