AssureRx Health Secures $8M Financing with Silicon Valley Bank to Support Growth
Silicon Valley Bank Financing Follows Earlier Series B Equity Financing
MASON, OH Jan. 31, 2012 – AssureRx Health, Inc., today announced that it has secured an $8 million Term and Revolving Credit Facility that provides additional capital to support increasing clinical adoption of GeneSightRx and to finance multiple new products scheduled for launch in 2012. The credit facilities were secured through the company’s new banking partner, Silicon Valley Bank, a premier bank for venture-backed technology companies.The new line of credit, combined with $11 million in Series B financing in 2011, will help AssureRx Health continue building the leading personalized medicine company in behavioral health. Since the launch of GeneSightRx in 2010, AssureRx Health has been helping clinicians individualize antidepressant and antipsychotic treatment for patients with psychiatric disorders.”Our goal is to build the leading personalized medicine company providing treatment decision support products to help physicians individualize the treatment of patients with neuropsychiatric and other disorders,” said James S. Burns, president and CEO of AssureRx Health. “We are pleased to be partnering with Silicon Valley Bank and are confident that SVB is the right financial partner to help facilitate our growth.”
“We are delighted to have an opportunity to work with AssureRx as it provides much needed guidance in selecting appropriate medications for patients. AssureRx is helping to reduce the ‘trial and error’ prescribing that so many patients are subjected to, which will help towards the goal of reducing healthcare costs,” said Jay McNeil, Managing Director of Silicon Valley Bank’s Midwest Life Science Practice.
Claremont Creek Ventures and Sequoia Capital led the Series B financing in March 2011 to expand AssureRx Health’s commercial organization for its first product, GeneSightRx, and to accelerate a series of new products scheduled for launch in 2012. AssureRx Health has since expanded nationally and plans to substantially increase the size of its sales force in 2012.
“AssureRx Health has enormous potential to lead the transformation of neuropsychiatric care toward individualized patient treatment,” said John Steuart, managing director of Claremont Creek Ventures. “We look forward to working with Silicon Valley Bank to provide AssureRx Health with the growth capital to meet the Company’s rapidly expanding business.”
GeneSight is a laboratory developed pharmacogenomic test that uses cutting edge technology to measure and analyze clinically important genomic variants in the treatment of psychiatric disorders. The results of the GeneSight report can help a clinician understand the way a patient’s unique genomic makeup may affect certain psychiatric drugs. The analysis is based on pharmacogenomics, the study of genomic factors that influence an individual’s response to drug treatments, FDA approved manufacturer’s drug labels, peer-reviewed scientific and clinical publications, and proven drug pharmacology. Quick turnaround time, combined with a customized report of the patient’s genomic makeup, clinical experience and other factors can help a physician make personalized drug treatment choices for each patient.
About AssureRx Health, Inc.
AssureRx Health, Inc. is a personalized medicine company that specializes in pharmacogenomics dedicated to helping physicians determine the right drug for individual patients suffering from neuropsychiatric and other disorders. The company was founded to commercialize industry-leading personalized medicine technology for neuropsychiatric disorders. Mayo Clinic and Cincinnati Children’s Hospital Medical Center are equity holders and technology collaborators.