NEW YORK (GenomeWeb) — The American Cancer Society's (ACS) newly formed philanthropic fund BrightEdge has made its first investment, contributing $3 million to Castle Biosciences' $11.6 million convertible note financing last month, the organizations said on Thursday.
BrightEdge, headquartered in Atlanta, was founded by the ACS to invest in for-profit companies developing novel cancer therapeutics and diagnostics. It was established with a $25 million commitment from ACS and aims to raise an additional $100 million from private donors.
Friendswood, Texas-based Castle Bio develops and markets genetic tests for skin cancer including its flagship DecisionDx-Melanoma assay, an RT-PCR-based test gene expression profile test designed to identify high-risk stage I and II cutaneous melanoma patients.
"The significance of this investment goes well beyond simply representing BrightEdge’s first deal," BrightEdge Managing Director Bob Crutchfield said in a statement. "Castle Biosciences … has potential to deliver a strong financial return and moves us forward in BrightEdge's ultimate mission to drive innovation and win the fight against cancer."