SAN DIEGO -- (BUSINESS WIRE) -- Ignyta, Inc. (OTCQB:RXDX), an oncology precision medicine biotechnology company, announced today that Silicon Valley Bank (SVB) has bolstered its support of Ignyta through an expanded $10M capital term loan facility. The new facility replaces the previous $1.5M facility entered into between a wholly-owned subsidiary of Ignyta and SVB in June 2012 and February 2013.
“SVB has been an invaluable financial partner to Ignyta since our earliest days,” said Jonathan Lim, M.D., Chairman and CEO of Ignyta. “SVB supports Ignyta’s vision of developing important new medicines for people with cancer.”
“Ignyta continues to make progress and reach its milestones,” said Mike White, Managing Director at Silicon Valley Bank. “It is emblematic of the type of life science company that SVB works with, seeking to make a meaningful difference in the lives of patients.”
About Ignyta, Inc.
Ignyta, Inc., located in San Diego, California, is a biotechnology company developing precision medicine with integrated Rx/Dx solutions for cancer patients. Our goal is to discover and develop revolutionary new drugs that target activated genes in cancer cells for the customized treatment of cancer patients. Our present focus is on the development of RXDX-101 and RXDX-102, our proprietary oral tyrosine kinase inhibitors that target solid tumor indications, and advancing our novel Spark discovery programs that leverage our proprietary cancer genomic and epigenomic knowledge bases. For more information, please visit: www.ignyta.com.
This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to novel technologies and methods; our planned use of proceeds received from the private offerings; our business and product development plans; and market information. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, our ability to raise the additional funding we will need to continue to pursue our business and product development plans; the inherent uncertainties associated with developing new products or technologies and operating as a development stage company; our ability to develop, complete clinical trials for, obtain approvals for and commercialize any of its product candidates; competition in the industry in which we operate and market conditions. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents we file with the SEC available at www.sec.gov, including without limitation our Current Report on Form 8-K dated October 31, 2013 and amended November 14, 2013 and December 9, 2013.