Castle Biosciences financing supports gene test for cutaneous melanoma metastatic risk

Castle Biosciences announced it has raised $11.7 million at the closing of the first tranche of a $20 million Series F financing, according to a press release.

The funding is to be used to push forward the clinical adoption of DecisionDx-Melanoma, the company’s gene test for identifying metastatic risk in the early stages of cutaneous melanoma, according to the release, as well as other tests to improve cancer care.

Industry Ventures led the finance round, and other investors including HealthQuest Capital and Mountain Group Partners, according to the release.

“We are excited to support the continued growth of Castle Biosciences’ clinically important molecular diagnostic tests, building on the commercial success of its uveal melanoma test, and continuing the fast pace of adoption of its cutaneous melanoma test,” Victor Hwang of Industry Ventures, said in the release.

Castle Biosciences’ molecular tests are designed to provide tumor-specific information for determining treatment in patients with uveal melanoma, cutaneous melanoma, esophageal cancer and mesolthelioma, the release stated.

“The funding enables us to expand our efforts to reach physicians and payers, and ultimately increase the number of patients who can benefit from improved cancer staging and better treatment decisions enabled by our molecular diagnostic tests,” Derek Maetzold, Castle Biosciences president and CEO, said in the release.

Castle Biosciences reported it expects to complete the Series F round by the end of the third quarter of 2015.

Reference: www.castlebiosciences.com