Tessera, Inc. Completes $8.5 Million Private Equity Financing
SEATTLE, Oct. 3 /PRNewswire/ -- Tessera, Inc, a Seattle based biomedical company, has completed a Series B private equity round of financing, raising $8.5 million.
Ray Cairncross, Tessera's Chairman & CEO, stated, "Our new investors are highly sophisticated and their commitment to and support for our development of tests for the early detection of both prostate and colon cancer is an important event in the life of our Company. We have one product in the marketplace now and have, through our relationships with Johns Hopkins University and the University of Pittsburgh, developed impressive data for highly specific and sensitive blood tests for both types of cancer. We will now prepare this breakthrough technology for clinical trials and commercialization."
In 2005 Tessera released its first commercial product, ProstaMark(TM) EPCA (Early Prostate Cancer Antigen), as an Analyte Specific Reagent for use in the pathology laboratories on tissue samples taken in prostate biopsies. Unipath, LLC, a large pathology laboratory in Denver, is the first to offer EPCA commercially. Validation studies are underway at several other pathology laboratories, including two of the largest national reference laboratories.
About Tessera, Inc.
Tessera, Inc. (Seattle, WA) was incorporated in 2000 by Dr. Robert Masterson and H. Raymond Cairncross as a biomedical company committed to the discovery and commercialization of products for the early detection of prostate and colon cancer. Through its licensing arrangements with both Johns Hopkins University School of Medicine and the University of Pittsburgh, Tessera has obtained exclusive, worldwide rights to the use and development of more than 60 protein markers for the early diagnosis of these cancers as well as for drug screening and "in vivo" imaging. EPCA is the first of potentially many early cancer detection markers to be developed and commercialized by Tessera.
Forward Looking Statements
This press release contains forward-looking statements, including, without limitation, statements related to Tessera's EPCA products and its other research and development programs. These forward-looking statements are based upon Tessera's current expectations. Forward-looking statements involve risks and uncertainties. Tessera's actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks that neither Tessera nor its collaboration partners will not be able to commercialize its product candidates if preclinical studies do not produce successful results or clinical trials do not demonstrate safety and efficacy in humans; if third parties do not manufacture the Company's product candidates in sufficient quantities and at an acceptable cost, clinical development and commercialization of its product candidates would be delayed; use of third-party manufacturers may increase the risk that the Company will not have adequate supplies of its product candidates; if third parties on whom the Company relies do not perform as contractually required or expected, the Company may not be able to obtain regulatory approval for or commercialize its product candidates; the Company is dependent upon collaborative arrangements to complete the development and commercialization of some of its product candidates, and these collaborative arrangements may place the development of its product candidates outside its control, may require it to relinquish important rights or may otherwise be on terms unfavorable to the Company; and if the Company is not able to obtain required regulatory approvals, the Company will not be able to commercialize its product candidates. You should not place undue reliance on these forward looking statements, which apply only as of the date of the press release. Tessera expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
CONTACT: Tessera, Inc. Michael C. Perry Investor and Media Relations 206-223-2714 mperry@tesserainc.com
Tessera, Inc.CONTACT: Michael C. Perry, Investor and Media Relations of Tessera, Inc.,+1-206-223-2714, or mperry@tesserainc.com
Web site: http://www.tesserainc.com/