Increased credit capacity strengthens ability to finance accelerated operational execution and strategic growth opportunities.
Epic Sciences, Inc., a private diagnostics company that designs and develops products and offerings to personalize and advance the treatment and management of cancer, announced today that it has expanded the available credit under its existing credit facility with Silicon Valley Bank (SVB). The amended agreement increases the available capacity of the facility from $5 million to $15 million and has extended the maturity by 27 months to April 1, 2019. The availability of additional capital provides Epic Sciences the option to accelerate the expansion of its research capabilities and product development efforts. Epic Sciences' technology enables the rapid and comprehensive characterization of circulating tumor cells (CTCs) from a liquid biopsy to inform therapy selection, including combination therapies, and the detection of early signs of drug resistance.
"We are very pleased and appreciative of the confidence this credit expansion from Silicon Valley Bank represents," said Murali Prahalad, Ph.D., president and CEO of Epic Sciences. "SVB recognizes the transformative potential of Epic Sciences' "no cell left behind" technology to provide actionable, real-time information to better target cancer treatments and improve patient outcomes."
Epic Sciences is developing highly sensitive and informative diagnostic tests to rapidly quantify the proteomic and genomic changes that occur over time during the course of a patient's cancer. Following a simple blood draw, Epic Sciences' "no cell left behind" platform can detect all categories of circulating tumor cells (CTCs) in the blood, whereas other technologies rely on size or surface marker parameters and can miss CTCs critical to delivering a comprehensive and timely view of cancer heterogeneity. Epic Sciences also recently announced that their platform technology is compatible with single cell genomic and proteomic analysis. This enables a further level of precision to detect early signs of drug resistance that could influence therapy selection, including the use of combination therapies.
Derek Brunelle, Managing Director of Silicon Valley Bank in San Diego, said, "We are pleased to continue our partnership with Epic Sciences as they remain focused on growing the business through innovative technologies. Our relationship with Epic Sciences has been very positive for both of us, and we look forward to working together as they continue to pursue their clinical and commercial objectives."
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Forbes named SVB one of America's best banks (2015) and one of America's best-managed companies (2014). Learn more at svb.com.
Silicon Valley Bank is the California bank subsidiary and commercial banking operation of SVB Financial Group, and a member of the FDIC. Silicon Valley Bank and SVB Financial Group are members of the Federal Reserve System.
About Epic Sciences
At Epic Sciences, we develop clinically proven predictive tests to detect and monitor cancer at the individual cell level. With a proprietary rare-cell detection engine, we provide insights to clinical, biotech, pharmaceutical and academic teams on how cancer emerges, mutates and remits so they can make pivotal decisions at every point in patient treatment with greater certainty. Recognizing the unique nature of each person’s cancer, we offer truly personalized diagnostic tests, while being non-invasive for the patient.
We have developed the first clinically proven predictive test for metastatic castration-resistant prostrate cancer (mCRPC), the Epic AR-V7 test. Using the same rare-cell detection platform and Epic’s biobank of over 30,000 blood samples, each profiled with predictive biomarkers, we partner with leading pharmaceutical and biotechnology companies, major cancer centers, the National Cancer Institute (NCI), and the National Institutes of Health (NIH) to pursue additional predictive tests for breast, ovarian, colon and other cancers and diseases. Our mission is to revolutionize cancer care and therapies to make them as precise, safe and life-sustaining as humanly possible.
For more information, visit epicsciences.com.
Epic Sciences Media Contact: Jessica Yingling, Ph.D., Little Dog Communications Inc., email@example.com,+1.858.344.8091