Leading syndicate of new and existing investors support development of non-invasive cancer diagnostics
Lexington, MA & San Diego - October 16th, 2008 - Predictive Biosciences, an emerging molecular diagnostics company developing non-invasive diagnostic products for informed cancer management™, today announced the closing of a $21.75 million Series B financing. The financing was led by new investor New Enterprise Associates (NEA), a leading global healthcare and technology venture capital firm, with additional new participation from Kaiser Permanente Ventures, an investment arm of Kaiser Permanente, America’s leading integrated healthcare delivery system. In addition, the existing investors from the company’s $10 million Series A financing, Flybridge Capital Partners and Highland Capital Partners, participated in the Series B raise. In conjunction with this financing, Predictive Biosciences has appointed to its board of directors M. James Barrett, Ph.D., general partner with NEA, as well as Jordan Kramer, senior venture manager at Kaiser Permanente Ventures, as a board observer.
“The completion of this financing ensures on-track development of our innovative urine-based diagnostic assays designed to enable physicians to conveniently and reliably determine the presence or absence of cancer,” stated Peter Klemm, Ph.D., president and chief executive officer of Predictive Biosciences. “Over the coming months, we will continue to execute our clinical development and commercialization plans, and complete preparations to launch a multi-center clinical trial in bladder cancer recurrence patients.”
Predictive intends to use the proceeds from the Series B financing to complete current clinical validation studies and initiate multi-center clinical trials. Predictive’s biomarkers are applicable across multiple cancer types and it is initially focused on diagnostic applications in bladder cancer. The company is also exploring the application of its assays in breast, prostate, ovarian and colorectal cancers. In addition, the funds will support the company’s efforts to open an independent Clinical Laboratory Improvement Amendments (CLIA) compliant lab for diagnostic testing.
Mara Aspinall, chairman of the Predictive board of directors and former president, Genzyme Genetics, commented, “I would like to welcome NEA and Kaiser Permanente Ventures as the most recent additions to Predictive’s solid base of committed investors and I look forward to working with Dr. Barrett and Mr. Kramer on the board of directors. I believe their individual experience and perspective will prove very valuable as the company continues to advance.”
“We are very impressed with Predictive Biosciences’ strategic approach to diagnostics, the track record of the management team and the speed with which the company has demonstrated its ability to apply its novel technology platform across multiple types of cancer,” commented M. James Barrett, Ph.D., general partner with NEA. “As the company enters its next phase of growth, I look forward to working with the board to further advance Predictive’s novel clinical and lab technologies.”
Jordan Kramer, senior venture manager at Kaiser Permanente Ventures noted, “Kaiser Permanente Ventures looks to emerging companies and entrepreneurial management teams that we believe best represent advancements in quality clinical practice, service, and affordability. We support companies like Predictive that have a goal of continued progress toward delivering highly accurate and convenient diagnostic tests, which will allow physicians to create personalized follow-up and treatment plans.”
About Predictive Biosciences
Leveraging its portfolio of patented biomarkers and clinical algorithms, Predictive Biosciences is pioneering intervention diagnostic assays for informed cancer management™. Predictive Biosciences’ tests will enable physicians to reliably determine the presence or absence of cancer. This information, incorporated into current standard clinical practice, should lead to more effective utilization of existing diagnostic tools and ultimately better outcomes for patients. Predictive Biosciences’ first assays are designed to detect urinary biomarkers fundamentally associated with the physiological changes resulting from cancer development and progression. The initial focus for these tests will be the growing cancer survivor population and the large number of individuals undergoing clinical workups for cancer. Predictive Biosciences was launched in 2006 and is privately funded by Highland Capital Partners, Flybridge Capital Partners, New Enterprise Associates and Kaiser Permanente Ventures. For more information and partnership inquiries, visit Predictive Biosciences’ website at www.predictivebiosci.com.