Ignyta Closes $5.5M Series B Equity Financing; Receives $500K Loans from SVB
Ignyta, Inc., a San Diego, CA-based biotechnology company catalyzing personalized medicine in autoimmune diseases, has closed an expanded $5.5m Series B equity financing.
In June 2012, the company held a $2.1m first close of the round, led by City Hill Ventures, and received a $500k capital term loan from Silicon Valley Bank. Colt Ventures, the same City Hill Ventures, and other institutional and individual investors, including former CEOs and CFOs of publicly listed biotechnology companies, recently injected an additional $3.4m equity financing.
Led by Jonathan Lim, M.D., co-founder, chairman and CEO, Ignyta is a personalized medicine company focused on improving the diagnosis and treatment of patients with rheumatoid arthritis (RA), lupus and other autoimmune diseases. It aims to improve the quality of biomarkers and tests available to rheumatologists and patients to help them make better informed, more individualized treatment decisions as well as to identify novel autoimmune disease targets for biopharmaceutical companies to enable the development of precise therapies for patients worldwide.
The company intends to use the capital to advance its Enlyta suite of molecular diagnostic assays toward commercialization (it will initiate clinical studies to confirm its molecular based assay for diagnosing RA at its earliest, most treatable stages) as well as to begin preparation for CLIA certification of its diagnostic laboratory to support commercialization targeted for late 2014 or early 2015.