Healthcare Industry News: GE Capital
News Release - October 24, 2007
HistoRx Raises $6.0 Million in Series B Funding to Advance Diagnostic Product DevelopmentNEW HAVEN, Conn., Oct. 24 (HSMN NewsFeed) -- HistoRx, Inc., announced today that it has secured $6.0 million in a Series B private equity financing round. Current investor Brook Venture Partners led the round.
In addition to Brook Venture Partners, participants in the financing included another Series A investor, Navigator Technology Ventures, as well as three new investors: The Roche Venture Fund, Commons Capital, and Maven Capital.
HistoRx will use the funds to advance development and commercialization of its portfolio of proprietary tissue-based diagnostic products developed from the company's patented AQUAŽ biomarker analysis platform.
"These funds provide the resources necessary to move our product portfolio of diagnostic tests through later-stage development, FDA approval, and commercialization," said Rana K. Gupta, CEO of HistoRx. "We are gratified by the interest in HistoRx from these highly regarded new investors, along with the support shown by our existing shareholders."
Fred Morris, General Partner of Brook Venture Partners, commented, "We are excited about the tremendous traction HistoRx' AQUAŽ technology has generated in the field of tissue biomarker analysis, with strong market uptake by pharmaceutical partners who are using AQUAŽ to better understand the biology of their oncology compounds in development; and with investigators in pathology and oncology at leading academic and research institutions worldwide adopting the AQUAŽ technology and highlighting its potential diagnostic utility. We are pleased to lead this financing and to partner with this high-caliber investor syndicate and management team in guiding the company through its next phase of growth."
"The Roche Venture Fund is pleased to be part of the future of HistoRx and the AQUAŽ technology, which is helping to advance a more personalized form of health care," stated Simon Meier, Investment Manager of the Roche Venture Fund. "The AQUAŽ technology will provide physicians with more precise information that will enable them to target therapies more accurately to individuals and thereby improve patients' lives."
HistoRx, Inc. is a leader in the emerging field of tissue-based diagnostic products for targeted patient treatment. The company's products and services are based on proprietary AQUAŽ technology, the first platform capable of measuring biomarker concentration with subcellular resolution in tissue sections in a fully standardized and automated manner. HistoRx partners with pharmaceutical and biotechnology companies to generate precise and cost-effective answers about the safety and effectiveness of targeted therapeutics in development for cancer and other diseases. These partnerships provide the foundation for HistoRx to develop companion diagnostic tests that will be co-marketed with partners' targeted therapeutics. HistoRx also pursues internal programs to develop proprietary standard-of-care diagnostics that will enable improved treatment decisions in cancer care.
Brook Venture Partners is a top quartile venture investment firm which provides expansion staGE Capital to information technology and medical technology companies located in the northeastern United States. The firm focuses on initial investments of $2-5 million. Brook is headquartered outside Boston in Wakefield, MA. For information call 781-295-4000 or visit http://www.brookventure.com.
Roche Venture Fund makes investments in early stage biotech and diagnostics companies to support innovative technologies and medicines. Based in Basel, Switzerland, the Roche Venture Fund manages a portfolio of over 25 companies in 10 countries.
Maven BioCapital, LLC, a Maven Capital LLC fund, is an investment fund that invests primarily in early stage growth capital opportunities. The fund, leveraging the background of its management, invests broadly but specializes in businesses with intellectual property and focuses on healthcare, medical devices, life sciences and physical sciences. Maven Capital, LLC invests in opportunities in information technology and real estate as well.
Commons Capital LP is a venture capital fund seeking strong financial returns as well as significant social and environmental impact. We invest in "double bottom-line" early-stage companies whose products, services, or corporate cultures promote a sustainable economy by delivering market solutions to major social and environmental challenges.
Navigator Technology Ventures located in Cambridge, MA and led by Alain Hanover is an early-stage, technology venture capital firm that seeks to fund technology-rich start-ups. With the assistance of Draper Laboratory, NTV invests in unique, highly proprietary technologies.
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.