Healthcare Industry News: HSMN NewsFeed
News Release - December 17, 2019
ChromaCode Raises $28 Million in Series C FinancingCARLSBAD, Calif., Dec. 17, 2019 -- (Healthcare Sales & Marketing Network) -- ChromaCode, Inc., a molecular diagnostics company, announced it has secured $28 million in Series C financing. The round was led by Northpond Ventures, a global firm dedicated to science and technology headquartered in Bethesda, Maryland. Also participating were new investors Windham Ventures, Moore Venture Partners and the California Institute of Technology; and existing investors New Enterprise Associates (NEA), Domain Associates and Okapi Ventures. Pat Smerkers of Northpond has joined the Board of Directors.
Proceeds from the financing will be used to accelerate development of novel HDPCR™ products for digital PCR and real-time PCR platforms; expand partnerships with leading companies in molecular infectious disease, reproductive health and precision medicine for oncology; and support commercialization of ChromaCode's new multiplexed products for multi-drug resistance and tick-borne pathogens.
"ChromaCode has a compelling method of using digital signal processing algorithms, like those used in the technology sector, for clinical diagnostics. We see this as a uniquely powerful approach to simultaneously increase clinical information and decrease expense in this performance-driven, cost-conscious sector," said Pat Smerkers.
NEA's Carol Gallagher added, "Technologies that advance the state-of-the-art typically enter the market at a higher price point. ChromaCode is the rare case of a technology that simultaneously advances the science and reduces cost. Their approach provides an unprecedented opportunity to respond to emerging demands for more comprehensive clinical diagnostic tools in an extraordinarily cost-efficient manner."
"We're grateful for the ongoing support of our investors and welcome Northpond, Windham, MVP and Caltech. Our goal is to ensure patients get connected to the right treatment through smarter and more affordable diagnostics – to democratize precision medicine.
We're excited to provide powerful diagnostic tools in a format and price that can be universally adopted by instrument partners and end users," said ChromaCode Chief Executive Officer, Greg Gosch.
ChromaCode's High-Definition Polymerase Chain Reaction (HDPCR™) is a software and reagent technology that uses digital signal processing to dramatically improve clinical molecular analysis. The Company's unique core of data scientists and molecular biologists leverage patented mathematical methods and algorithms to extract new information from biochemistry reactions. This approach substantially increases the performance capabilities of today's gold-standard molecular diagnostics platforms at a very low cost. www.chromacode.com.
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