Predictive Biosciences Raises $10 Million in Series A Funding

12/18/06
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Paul Maeder joins the board of medical device company revolutionizing cancer management.

Tony Shuber Joins Company as Chief Technology Officer

 

Lexington, MA – December 18, 2006 – Predictive Biosciences, a pioneer in developing diagnostic products for informed cancer management™, announced today it has secured $10 million in Series A financing. Highland Capital Partners and IDG Ventures Boston co-led the investment in the company, which was jointly founded by the investors, leading entrepreneurs and internationally renowned scientists.

 

“Cancer is the second-leading cause of death in the United States resulting in more than 500,000 deaths per year,” said Michael Greeley, general partner, IDG Ventures. “With current approaches to screening, diagnosing, monitoring and predicting cancer being inconsistent and often painful to patients, we believe great value exists in developing diagnostic products that provide doctors and patients with more reliable results and convenient methods. Predictive Biosciences’ products enable physicians to provide patients with timelier, personalized cancer treatment, which will result in improved patient outcomes and lower healthcare costs. We are thrilled to back the commercialization of revolutionary biomarkers from the labs of Dr. Marsha Moses and Dr. Bruce Zetter, world class scientists and senior principal investigators in the Children’s Hospital Boston Vascular Biology Program, whose director is Dr. Judah Folkman.”

 

In conjunction with the funding, Highland’s Paul Maeder and IDG Ventures’ Michael Greeley will become members of the company’s board of directors. They join a premier group of industry leaders that includes Robert Langer, Institute Professor, Massachusetts Institute of Technology; Mara Aspinall, President, Genzyme Genetics; and Marsha A. Moses, Professor, Harvard Medical School, Senior Institute Investigator, Children’s Hospital Boston, and Co-Founder of Predictive Biosciences.

 

Predictive Biosciences also announced that Tony Shuber, former Executive Vice President and Chief Technology Officer for EXACT Sciences, has joined the company as Chief Technology Officer.

 

“With more than two decades of highly successful research, development and commercialization experience in diagnostics and applied genomics, we are very excited and fortunate to have Tony join Predictive Biosciences as our new Chief Technology Officer,” said Paul Maeder, managing general partner, Highland Capital Partners. “We backed Tony as part of the early EXACT team and his tremendous track record in commercializing products from concept to launch will be a huge asset to the company as it looks to boost overall scientific efforts and build its research and development team.”

 

Most recently, Tony served as Executive Vice President and Chief Technology Officer for EXACT Sciences, a premier applied genomics company focused on developing proprietary non-invasive, DNA-based screening tools for the early detection of cancer. There, he spearheaded development of DNA-based molecular technologies utilized in commercial cancer screening applications. He has also held key scientific and management roles with Genzyme Genetics / Integrated Genetics as well as earlier research and management positions. Tony holds over 30 patents and has authored numerous peer-reviewed papers.

 

Tony joins Predictive Biosciences Co-founder and Vice President of Business Development, Eugene Chiu, and Chief Financial Officer, Bob Crane.

 

“Predictive Biosciences is leading a new era in molecular diagnostics and personalized medicine,” said Eugene Chiu, co-founder of Predictive Biosciences. “We have an extensive proprietary and in-licensed IP portfolio from Children’s Hospital Boston and its collaborating institutions, Beth Israel Deaconess Medical Center and Massachusetts General Hospital. With this exceptional scientific foundation, outstanding scientific founders, and an experienced team, Predictive Biosciences has attracted substantial initial funding to build breakthrough products for significant commercial opportunities.”

 

About Predictive Biosciences

Predictive Biosciences is developing proprietary biomarker and assay technology for highly accurate, patient-friendly, real-time cancer diagnostics. The company is focused on validating and demonstrating the superior clinical utility of its protein biomarkers and developing products for commercialization across multiple cancer types. Predictive Biosciences was co-founded in 2006 by Marsha A. Moses, Ph.D., Bruce R. Zetter, Ph.D., Eugene Chiu, Highland Capital Partners and IDG Ventures Boston.

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