Houston-based Castle Biosciences Inc., a molecular diagnostics company with a focus on treating cancer, has just revealed its resolution of financing worth $11.8 million. This round of funding was primarily the result of the company’s latest investor, HealthQuest Capital, as well as contributions from pre-existing investors Mountain Group Capital and Affiliates and Longfellow Venture Partners, among others who took part in the funding round. The company also announced a new member of the Board of Directors — Garheng Kong, M.D., Ph.D., HealthQuest Capital’s Managing Partner.
The new funding will be used for improving accessibility to the company’s wide range of groundbreaking diagnostic tests, along with DecisionDx-Melanoma, a diagnostic tool designed to detect risk of metastasis in patients diagnosed with melanoma.
Dr. Kong believes Castle Biosciences’ novel products contribute substantially in the prevention, detection and management of even rare types of cancer. By promoting and advancing these diagnostic tests, effective interventions are prescribed with more certainty while minimizing the need for more invasive and costly procedures.
The company’s President and CEO, Derek Maetzold, is pleased to have Dr. Kong on board. “Our board looks forward to working with Dr. Kong as we expand the clinical support for our tests, particularly our novel gene expression profile assay for use in identifying metastatic risk in patients with cutaneous melanoma.”
Castle has made headlines throughout the past year on the advancement of the company’s diagnostic technologies as well. Last May, a Castle Biosciences diagnostic test for esophageal cancer was the subject of two clinical validation studies presented at the Digestive Disease Week Annual Meeting.