PORTLAND, OR--(Marketwire - April 02, 2012) - MolecularMD
Corp. announces that it has closed a $6 Million Series B equity financing led by existing investor, Ballast Point Ventures, which is joined by new investor Nextech Invest, Ltd. MolecularMD is a fully integrated companion diagnostic partner to pharmaceutical companies developing targeted cancer therapies. Proceeds from the Series B investment will accelerate the commercial launch of new platforms and related assay content in such areas such as next generation sequencing and rare mutant detection. Investment proceeds will also be applied to the expansion of sales and marketing activities to support near term growth objectives.
Dan Snyder, President and COO of MolecularMD commented, "We are grateful for the continued support of Ballast Point Ventures, and we are pleased to be adding oncology-focused Nextech Invest to our investor group. We are well positioned to put the capital to work as we further define our presence in the high growth molecular diagnostics market. MolecularMD has over six years of proven performance, having provided testing in worldwide pivotal trials for several of the most successful targeted cancer therapies on the market. As regulators move to requiring that companion diagnostic tests accompany new oncology drug submissions, we are investing in our technological and operational infrastructures to strengthen our capabilities as a premier companion diagnostic development partner."
MolecularMD plans to submit a companion diagnostic test for regulatory approval in 2012 in connection with Ponatinib, a pan-BCR-ABL inhibitor of BCR-ABL1 developed by Ariad Pharmaceuticals.
MolecularMD has also recently established a new facility based in Cambridge, MA that will be focused on the development of high content next-generation sequencing assays. The laboratory will be led by Dr. Jin Li, MD, Ph.D., a leading innovator and developer of molecular diagnostic tools. Dr. Li comes to MolecularMD from Genzyme Genetics, and he was previously an instructor at Dana Farber Cancer Institute where he was the inventor of several new techniques for high-sensitivity nucleic acid detection.
MolecularMD further announces that Dr. Chad Galderisi has been named Medical Director. Dr. Galderisi has served as the Laboratory Director for MolecularMD Clinical Services and Laboratory since 2006. Dr. Galderisi is a member of MolecularMD's Board of Directors as well as a scientific founder, along with Dr. Brian Druker and Dr. Michael Heinrich of Oregon Health & Science University.
About Oncology Molecular Diagnostics
Targeted cancer therapeutics account for approximately half of all cancer drug sales in the US, or an estimated $25 Billion. Molecular diagnostics are used to select patients most likely to respond to a targeted therapy, as well as to monitor and manage potential resistance to therapy. Increasingly, regulators are requiring that companion diagnostic tests, which define the appropriate patient population, accompany submissions for approval of new precision cancer medicines.
MolecularMD Corporation develops and commercializes specialty molecular diagnostics for oncology applications. Its tests are designed to allow appropriate selection, monitoring and management of patients treated with molecularly targeted cancer therapies. MolecularMD incorporates gold-standard and innovative technologies in providing its partners with highest quality results. Assays are designed to meet clinical trial needs, and MolecularMD has appropriate systems and standards in place to enable development of companion diagnostic tests in conjunction with partners' novel anticancer agents. A private company based in Portland, Oregon, MolecularMD was founded by Brian Druker, director of the Knight Cancer Center at Oregon Health & Science University, and Sheridan G. Snyder, entrepreneur and founder of Genzyme Corporation and Upstate Biotechnology.
About Ballast Point Ventures
Ballast Point Ventures is headquartered in St. Petersburg, Florida and currently has $200 million in capital under management. BPV provides expansion capital to rapidly growing, privately owned companies across several industries, including health care, business and financial services, communications and consumer/retail. The partners of Ballast Point Ventures have invested in and supported more than 85 companies over the past twenty years. BPV seeks to partner with outstanding entrepreneurs and provide them with capital, an extensive network of successful entrepreneurs and key industry players, and a wealth of experience surrounding the opportunities and challenges facing rapidly growing companies. BPV closed on $140 million for Ballast Point Ventures II in 2009 and seeks to make $3 million to $10 million growth equity investments in companies with substantial operations in Florida, the Southeast and Texas.
About Nextech Invest
Nextech Invest is a global investment manager founded 1998 and located in Zurich, Switzerland. With its unique oncology-focused funds, Nextech Invest is a dedicated investor in leading oncology companies developing cancer drugs and diagnostics. Nextech Invest benefits from the support of an active and committed Scientific Advisory Board of highly influential oncology advisors, chaired by David Livingston, MD, deputy director at the Dana-Farber Cancer Institute/Harvard Cancer Center. For more information, visit www.nextechinvest.com.