Ignyta Gets $31M In Term Loan

San Diego-based Ignyta, a developer of precision medicine technology for the cancer market, said Wednesday afternoon that it has reiceved $31M in a term loan funding. The funding came from Silicon Valley Bank. The company said that $11M of the loan was used to replay and existing loan with SVB. The company said it will use the loan facility for its clinical development efforts. The loan was issued at 8.56%, according to the publicly traded company.