NEW YORK (GenomeWeb News) – AssureRx today announced it has secured an $8 million term and revolving credit facility, which it will use to increase adoption of its GeneSightRx test.
The facility was secured through the Mason, Ohio-based firm's new banking partner, Silicon Valley Bank. In addition to ramping up GeneSightRx, AssureRx said that the financing will be used to finance new products anticipated to launch this year.
It also plans to "substantially" increase the size of its sales force in 2012.
GeneSightRx, launched in 2009, is a pharmacogenomic test for helping clinicians determine which psychiatric drugs may be most effective for a specific patient. The company received certification from New York last week for its laboratory, and can now analyze DNA analysis for pharmacogenomic testing in all 50 states.