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Castle Bio Raises $11.7M in Series F Financing

NEW YORK (GenomeWeb) – Molecular diagnostics firm Castle Biosciences today said that it has raised $11.7 million in the first tranche of a Series F financing round targeting $20 million. 

The private financing will go toward accelerating clinical adoption of Castle Bio's DecisionDx-Melanoma, a gene test for identifying metastatic risk in early stage cutaneous melanoma. The test uses RT-PCR to measure gene expression in RNA isolated from melanoma tissue samples. It differentiates melanoma patients into either Class I, signifying very low risk of metastasis, or Class 2, indicating a significantly higher risk of recurrence within five years. 

The firm said that its molecular diagnostic tests are designed to provide tumor-specific information to determine the most appropriate treatments for patients with uveal melanoma, cutaneous melanoma, esophageal cancer, mesothelioma, and other underserved cancers. 

Industry Ventures led the financing, while existing investors HealthQuest Capital and Mountain Group Partners also participated in the round. Castle Bio said that it expects to complete the Series F round by the end of the third quarter. 

The Friendswood, Texas-based company previously raised $11.8 million in Series E financing.