Castle Biosciences announces early repayment of its debt
FRIENDSWOOD, Texas – (COMMERCIAL THREAD) – Castle Biosciences, Inc. (Nasdaq: CSTL), a skin cancer diagnostics company providing personalized genomic information to improve cancer treatment decisions, today announced it has prepaid all of the its current term loan facility to further improve its balance sheet.
“Following our recent successful equity financing, the prepayment of all of our outstanding debt represents a further step in consolidating our balance sheet,” said Derek Maetzold, President and CEO of Castle Biosciences. “We believe our strong financial position allows us to further advance our product portfolio, provide additional support to our currently marketed products and continue to grow as we approach 2021.”
Castle’s term loan facility with Oxford Finance, LLC and Silicon Valley Bank was originally funded on November 30, 2018. On December 21, 2020, the Company paid lenders approximately $ 21.6 million, this which includes reimbursement amounts for principal, interest, fees, expense reimbursement and other items. The prepayment will result in a net saving of cash for the Company and will terminate all covenants and obligations under the loan agreement.
About Castle Biosciences
Castle Biosciences (Nasdaq: CSTL) is a commercial-stage dermatology cancer company focused on providing physicians and their patients with personalized, clinically actionable genomic information to make more accurate treatment decisions. The Company currently offers tests for patients with cutaneous melanoma (DecisionDx®-Melanoma, DecisionDx®-CMSeq), cutaneous squamous cell carcinoma (DecisionDx®-SCC), suspicious pigmented lesions (DecisionDx® DiffDx ™ -Melanoma) and uveal melanoma (DecisionDx®-UM, DecisionDx®-PRAME and DecisionDx®-UMSeq). For more information on Castle’s gene expression profile assays, visit www.CastleTestInfo.com. Castle also has active research and development programs for testing in other dermatological diseases with high clinical need. Castle Biosciences is based in Friendswood, Texas (Houston), and has laboratory operations in Phoenix, Arizona. For more information visit www.CastleBiosciences.com.
DecisionDx-Melanoma, DecisionDx-CMSeq, DecisionDx-SCC, DecisionDx DiffDx-Mélanome, DecisionDx-UM, DecisionDx-PRAME and DecisionDx-UMSeq and are registered trademarks of Castle Biosciences, Inc.
The information in this press release contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “port security” created by these sections. These forward-looking statements include, but are not limited to, statements regarding our financial condition and expected cash savings resulting from the early repayment of our loan facility. The words “anticipates”, “believes”, “estimates”, “expects”, “intends”, “may”, “plans”, “projects”, “” “will”, ” And similar phrases are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually carry out the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those of forward-looking statements, including, without limitation, the effects of the COVID-19 pandemic on our business and our efforts. to cope with its impact. on our business and our ability to meet the covenants of our debt facility, the timing and amount of revenue we are able to recognize in any given year, unforeseen delays in the planned launch of our products pipeline, the level and availability of reimbursement for our products, our ability to manage our anticipated growth and the risks set out in our Annual Report on Form 10-K for the year ended December 31, 2019 and in our other documents filed with of the SEC. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements, except as required by law.