Sequenta, Inc. Lands $20 Million
7/2/2013 8:16:06 AM
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Sequenta Completes $20 Million Series C Financing
--Financing to Accelerate Scale-up of the ClonoSIGHT Test, the First Sequencing-based Test for Minimal Residual Disease in Leukemia and Lymphoma--
Sequenta, Inc., a biotechnology company dedicated to improving patient care in diseases mediated by immune cells through the discovery and development of novel clinical diagnostics, today announced the completion of a $20 million Series C financing. Sequenta will use the financing proceeds for commercial scale up and clinical validation of the ClonoSIGHT(TM) test.
The new round is led by Foresite Capital Management, with participation from all inside investors, including MDV and Index Ventures. In conjunction with the closing, Jim Tananbaum, managing director of Foresite Capital, has joined the Sequenta Board of Directors.
"We are delighted Foresite Capital has become a major investor in Sequenta. We believe this financing will help to solidify our position as the market leader and allow us to broadly offer the first clinically actionable sequencing-based MRD test," said Tom Willis, chief executive officer at Sequenta.
"Sequenta has developed a transformative diagnostic technology that uses just a small vial of blood to determine each individual patient's unique genetic sequence and uses this DNA fingerprint to track leukemia or lymphoma cells," said Jim Tananbaum, managing director at Foresite Capital. "It will be used to find the recurrence of cancer much earlier than is feasible with radiation-based imaging and is a major breakthrough in the monitoring and treatment of lymphoid cancers. Instead of searching for a needle in a haystack, we can find the needle precisely by using molecular markers. We are delighted to support this extraordinary team who has developed a real product that will make a meaningful difference for cancer patients."
Sequenta recently launched its ClonoSIGHT test through its CLIA-certified facility in South San Francisco. The ClonoSIGHT test uses the LymphoSIGHT(TM) platform, which works by sequencing unique DNA signatures that are present in immune cells to allow tracking of malignant sub-populations even when they are present at levels as low as one cell per million white blood cells. The ClonoSIGHT test has been shown to offer unprecedented sensitivity for the detection of residual cancer cells in marrow or blood. Test results are generated in seven days and can be used to better predict a patient's risk of post-treatment relapse and guide subsequent care.
Sequenta is a venture-backed company dedicated to improving patient care in diseases mediated by immune cells through measurements of lymphocyte diversity. It is commercializing its LymphoSIGHT(TM) platform for clinical use in minimal residual disease while continuing to validate the use of its technology in a diverse set of diseases. For more information, go to www.sequenta.com.
About Foresite Capital Management
Foresite Capital provides growth capital to healthcare companies with disruptive late-stage products in large markets in all healthcare sectors. Foresite Capital has a unique team with a diverse set of expertise and relationships, and deep experience in healthcare and investing. During the last two decades, Foresite's principles have led healthcare financings that produced six multi-billion-dollar outcomes. The team's expertise also includes clinical, marketing, business development and communications positions at leading healthcare companies. Since its inception in 2011, Foresite Capital has invested in nine companies, including Puma Biotechnology (Nasdaq: PBYI), Intarcia Therapeutics, Epizyme (Nasdaq: EPZM) and Sequenta. More information can be found at www.foresitecapital.com.
Kelly France, 415-946-1076
SOURCE: Sequenta, Inc.
Copyright Business Wire 2013
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