Print 01 June 2015
SAN DIEGO, June 1, 2015 /PRNewswire/ -- 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 Epic Sciences
Epic Sciences, Inc. is developing novel diagnostics to personalize and advance the treatment and management of cancer. Epic Sciences' mission is to enable the rapid and non-invasive detection of genetic and molecular changes in cancer throughout a patient's journey. The company was founded on a powerful platform to identify and characterize rare cells, including circulating tumor cells (CTCs). Epic Sciences' no cell left behind™ technology helps match patients to targeted therapies and monitor for drug resistance, so that the best treatment path can be chosen at every clinical decision point. Today, we partner with leading pharmaceutical companies and major cancer centers around the world. Epic Sciences' goal is to commercialize our technology to increase the success rate of cancer drugs in clinical trials and improve patient outcomes by providing physicians real-time information to guide treatment choices.
Further information is available on the Company's website, www.epicsciences.com.
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.
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