Funding supports company expansion and advances development and commercialization of novel bladder cancer assay
Lexington, MA - June 16, 2010 - Predictive Biosciences, a commercial stage, fully‐integrated developer of
novel molecular diagnostic cancer assays and a provider of anatomic pathology laboratory products and
services, today announced the completion of a $25 million Series C round of growth capital financing. New
investor ProQuest Investments led the round, joined by all current investors: Flybridge Capital Partners,
Highland Capital Partners, Kaiser Permanente Ventures and New Enterprise Associates. In conjunction with
ProQuest’s investment, general partner Jay Moorin joins Predictive Biosciences’ board of directors.
“We are delighted to welcome ProQuest as an investor and Jay as a board member, and we are pleased by the
support from our existing investors who share our vision for Predictive Biosciences to become a leading,
innovative provider of molecular diagnostic cancer assays and anatomic pathology lab services,” stated Peter
Klemm, Ph.D., president and chief executive officer of Predictive Biosciences. “The completion of this financing
follows on the company’s achievement of several key corporate initiatives, including our successful acquisition
and integration of OncoDiagnostic Laboratory (ODL) in January, and the extensive progress both in our clinical
programs and commercialization of the CertNDx™ bladder cancer assay.”
“We are impressed by Predictive Biosciences’ management team and their ability to execute on their
corporate strategy. The company is a clear fit with ProQuest’s strict investment criteria. We are very
enthusiastic about being involved in Predictive’s future growth,” stated Jay Moorin. “I look forward to actively
participating on Predictive’s board as the company progresses to a commercially‐driven organization with core
development capabilities.”
Proceeds from the Series C financing will be used to complete multi‐center clinical trials for Predictive’s
CertNDx bladder cancer assay and support its commercial launch through the company’s CLIA certified
laboratories. The CertNDx test utilizes Predictive’s novel Multi‐Analyte Diagnostic Readout (MADR™) approach
of combining DNA and protein biomarkers into a single assay, which allows physicians to non‐invasively
determine the presence or absence of cancer with very high certainty. In addition, proceeds will help fund the
continued aggressive commercial and operational growth of ODL, including the expansion of facilities to
support its growing national customer base. ODL is also continuing further enhancement of its state‐of‐the‐art
laboratory information systems, which offer streamlined test ordering and integration with electronic medical
records. All initiatives are focused on providing physicians with tools to support improved patient care.
Michael Greeley, chairman of the board for Predictive Biosciences and a General Partner at Flybridge Capital
Partners, commented, “We continue to be enthusiastic about the company’s growth trajectory, management’s
execution on stated goals, and the caliber of its team and board. We support Predictive’s goal to improve
oncology clinical practice ‐ specifically, the potential to deliver highly accurate, non‐invasive diagnostic tests
that enable physicians to create personalized follow‐up and treatment plans.”
| Share On |
|
|
Paul Maeder