San Diego, CA (PRWEB) December 31, 2012
Ignyta, Inc., the personalized medicine company dedicated to improving the diagnosis and treatment of patients with rheumatoid arthritis (RA), lupus and other autoimmune diseases, announced today the closing of an expanded $5.5 million Series B equity financing that exceeded the company’s original target by $2.5 million. In addition to Silicon Valley Bank’s $500,000 capital term loan in June 2012, this recent equity raise brings Ignyta’s total Series B related proceeds to $6 million.
Ignyta will use the proceeds to advance its Enlyta suite of molecular diagnostic assays toward commercialization. In 2013, Ignyta will initiate clinical studies to confirm its molecular based assay for diagnosing RA at its earliest, most treatable stages. The company also will begin preparation for CLIA certification of its diagnostic laboratory to support commercialization targeted for late 2014 or early 2015.
“Participation in this financing round far exceeded our original $3 million Series B target, reflecting remarkable investor enthusiasm for Ignyta’s efforts to bring the personalized medicine revolution to autoimmune diseases,” said Jonathan Lim, M.D., co-founder, chairman and CEO of Ignyta. “We are grateful to have the support of our outstanding new and existing investors who share Ignyta’s vision of building a world class personalized medicine company.”
The first close of the Series B round began with a $2.1M investment, led by City Hill Ventures, LLC, and $500,000 capital term loan by Silicon Valley Bank in June 2012. The Series B expansion reflects an additional $3.4 million equity financing by Colt Ventures, City Hill Ventures, and other institutional and individual investors, including former CEOs and CFOs of publicly listed biotechnology companies.
About Ignyta, Inc.
Ignyta, Inc., located in San Diego, California, is a personalized medicine company developing revolutionary new products and services to customize diagnosis and treatment of patients with rheumatoid arthritis, lupus and other autoimmune diseases.
The company was launched in August 2011 by Jonathan E. Lim, M.D., former president, CEO, and board director of Halozyme Therapeutics, Inc., and Gary S. Firestein, M.D., director of the Clinical and Translational Research Institute and Dean and Associate Vice Chancellor of Translational Medicine at UC San Diego. Ignyta is a trailblazer in the application of “omics” technologies integrated with bioinformatics to the development and commercialization of novel biomarkers and tests for diagnostic and therapeutic applications in autoimmune diseases.
The scientific discoveries that fueled the founding of Ignyta were published in July 2012 in the Annals of the Rheumatic Diseases (http://bit.ly/QOZ8Zr). In 2012, the company successfully closed a $5.5 million Series B financing led by City Hill Ventures, LLC (http://www.cityhillventures.com/) and Colt Ventures (http://www.coltventures.com/), and a $500,000 capital term loan from Silicon Valley Bank (http://www.svb.com/). For more information, please visit: http://www.ignyta.com.