Healthcare Industry News: MammaPrint
News Release - September 22, 2009
Agendia Raises US $23 Million in Series E FinancingCompany to Present at UBS Global Life Sciences Conference on Sept. 23
HUNTINGTON BEACH, California and AMSTERDAM, September 22 -- (Healthcare Sales & Marketing Network) -- Agendia, a world leader in molecular cancer diagnostics, today announced the successful closing of a US $23 million series E investment. The financing round was led by an undisclosed family investment firm that provided approximately half of the funds. In addition, two independent entrepreneurs participated with an investment of US $1 million each, while the remaining capital was raised through Agendia's existing investor base.
"The success of this financing round was aided by MammaPrint®'s increasing U.S. demand, as well as growing reimbursement from private U.S. payors. The proceeds will be used to accelerate the commercialization of MammaPrint in the U.S. market," said Dr. Bernhard Sixt, President and Chief Executive Officer of Agendia.
"We are excited to be a part of Agendia's continued growth and to enable the company to bolster its strategic marketing and sales efforts as it brings MammaPrint to an ever increasing number of breast cancer patients," said Gertjan van der Baan, Board Member on behalf of van Herk Group, Agendia's largest investor.
Dr. Sixt will present at the UBS Global Life Sciences Conference on Wednesday, September 23, 2009 at 1 p.m. (ET) in Ballroom D at the Grand Hyatt in New York.
MammaPrint is the first 'in vitro diagnostic multivariate index assay' (IVDMIA) cleared by the U.S. Food and Drug Administration (FDA). FDA clearance requires clinical and analytical validation and reporting systems to ensure patient safety issues are addressed. Highly accurate, MammaPrint identifies patients with early metastasis-patients who are likely to develop metastases within five years following surgery. Several authoritative studies have shown that chemotherapy particularly reduces early metastasis risk. In planning treatment, the MammaPrint test results provide doctors with a clear rationale to assess the benefit of chemotherapy in addition to other clinical information and pathology tests.
All MammaPrint tests are conducted in Agendia's CLIA-accredited service laboratory. Breast cancer recurrence assays currently marketed by other manufacturers have not been subject to the rigorous FDA clearance process.
Agendia is at the forefront of the personalized medicine revolution, striving to bring more effective, individualized treatments within reach of patients. Building on a cutting-edge genomics platform for tumor gene expression profiling, the company's tests help physicians more accurately tailor cancer treatments. Agendia markets four products, with several new genomic tests under development. In addition, Agendia collaborates with pharmaceutical companies to develop highly effective personalized drugs in the area of oncology. The Company was awarded the 2008 North American Oncology Clinical Diagnostics Healthcare Innovation Award by Frost & Sullivan. Agendia is based in Huntington Beach, California, and in Amsterdam, The Netherlands.
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