Healthcare Industry News: Bladder Cancer
News Release - June 16, 2010
Predictive Biosciences Closes $25 Million Series C FinancingFunding Supports Company Expansion and Advances Development and Commercialization of Novel Bladder Cancer Assay
LEXINGTON, Mass.--(HSMN NewsFeed)--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.”
About Predictive Biosciences
Predictive Biosciences is a fully-integrated developer of novel molecular diagnostic cancer assays, and a subspecialty, urology-focused provider of anatomic pathology laboratory products and services. Leveraging a portfolio of patented biomarkers and clinical approaches, the company is building a unique portfolio of assays for cancer management, first targeted at bladder and prostate cancer. Predictive Biosciences’ commercial division, OncoDiagnostic Laboratory (ODL), is a Clinical Laboratory Improvement Act (CLIA)-certified anatomic pathology and molecular diagnostics lab with a national sales force serving urologists and other subspecialty physicians. For additional information, please visit www.predictivebiosci.com.
About ProQuest Investments
Founded in 1998, ProQuest Investments is a healthcare venture capital firm with over $875 million under management. The firm has 12 deal professionals and three offices, headquartered in Princeton, and additional offices in San Diego and Montreal.
ProQuest invests in healthcare companies seeking financings ranging from seed to late-stage. The firm’s portfolio reflects the rich diversity of the healthcare industry and exemplifies a commitment to fostering the growth of exceptional businesses. With a proven track record of over 30 exited investments in such diverse therapeutic categories as oncology, pain and infectious disease, ProQuest Investments seeks to build long term, mutually beneficial partnerships with outstanding entrepreneurs. For additional information, please visit www.proquestvc.com
Source: Predictive Biosciences
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