Healthcare Industry News: RedPath Integrated Pathology
News Release - December 20, 2006
RedPath Integrated Pathology, Inc. Concludes Series A Round With $6.5 Million in Venture CapitalPITTSBURGH, Dec. 20 (HSMN NewsFeed) -- RedPath Integrated Pathology, Inc. reports that Seneca Health Partners, Inflexion Partners, and HMA Capital Partners have invested in the Pittsburgh-based cancer diagnostics company as part of RedPath's final closing of their Series A round of institutional investment. The three venture capital companies join New Spring Capital and CID Capital who led the first round of investment. In total, RedPath has raised $6.5 million in outside financing within the past three months. HealthCare Capital Advisors, Tampa, acted as placement agent and financial advisor to the Company.
Brian G. Murphy, Partner with New Spring Capital, has stepped in as RedPath's new Chairman of the Board. Other new board members include Peter Kleinhenz, Managing Director of CID Capital, Inc. and Dennis Smith, MD, an anatomic pathology industry expert and former board member of AmeriPath. Both Mary Del Brady, President & CEO of RedPath and Barbara Handelin, Ph D, Director of Diagnostics, DNAPrint Pharmaceuticals, remain on the Board.
RedPath Integrated Pathology is a national specialty laboratory that provides complex cancer diagnostic testing for pathologists, oncologists and clinicians. The company plans to use proceeds from the Series A financing round to scale operations to market demand levels and increase sales and marketing activities.
"We are pleased that we were not only able to exceed our financing goal for the Series A round," said Mary Del Brady, President & CEO of RedPath, "but that we were able to attract such seasoned and fully committed investors. Molecular-based diagnostics is a dynamic, rapidly growing industry with tremendous opportunities and challenges in the coming months and years, and our investors are already hard at work helping the company with the development of critical growth strategies. "
RedPath's patented PathFinderTG(TM) technology enables an early and definitive diagnosis for difficult cases where cancer is suspected or pre- cancerous conditions exist. The molecular-based analysis supports optimal treatment planning, improves patient outcomes and reduces healthcare costs. Currently, more than two-dozen major cancer centers use RedPath's proprietary testing.
Source: RedPath Integrated Pathology
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