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Cancer MDx Firm Castle Biosciences Raises $11.8M

NEW YORK (GenomeWeb) – Cancer molecular diagnostics firm Castle Biosciences today said that it raised $11.8 million in a Series E financing round.

The funds will go toward expanding the clinical availability of its diagnostic tests, including DecisionDx-Melanoma for determining the metastatic risk of patients with melanoma, Castle Bio said. Headquartered in Friendswood, Texas, the firm develops molecular diagnostics with a focus on rare cancers. Other tests in its portfolio include those targeting uveal melanoma, cutaneous melanoma, esophageal cancer, thymic cancers, mesothelioma, and gliomas.

New investor HealthQuest Capital led the round and was joined by existing investors, including Mountain Group Capital and affiliates, Longfellow Venture Partners, and others.

In conjunction with the financing HealthQuest Managing Partner Garheng Kong is joining Castle Bio's board.

In May, the company said in a document filed with the US Securities and Exchange Commission that it raised $1 million, and earlier this month, it said that it raised $1.5 million.

According to a Castle Bio spokesman, the $2.5 million was folded into the $11.8 million Series E round.

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