Steady RainDance Technologies Adds $16.5 Million From GE Ventures, Others
3/3/2014 6:54:13 AM
RainDance Technologies Closes Series E Financing with GE Ventures
BILLERICA, Mass.--(BUSINESS WIRE)--RainDance Technologies, Inc., an innovative genomics tools company making molecular testing of complex diseases more standardized and readily available, today announced that it has closed a $16.5 million Series E financing round extension. New investors include GE Ventures and Northgate Capital; all existing financial investors also participated in this round of financing.
The additional investment accelerates RainDance’s commercial expansion and assay development initiatives for the company’s products:
RainDrop™ digital PCR system, which provides unparalleled sensitivity for research into early detection and monitoring of cancers, viruses, pathogens and immune markers;
ThunderStorm™ targeted sequencing system, which advances research into and understanding of hereditary risk, inherited diseases and hematologic malignancies; and,
ThunderBolts™ Cancer Panel, which delivers an actionable, fast, simple and low cost sequencing profile of somatic tumor mutations in molecular biopsies or biobanked samples.
GE Ventures now becomes the second strategic investor in RainDance, following an investment from Myriad Genetics in 2013, and shares its mission of addressing healthcare issues by accelerating development and commercialization of products that improve patient care and save lives. The liquid biopsy method using readily accessible fluids currently in development by RainDance is minimally-invasive, and a low cost healthcare solution for patients.
"We believe technology will play a major role in transforming patient care and by partnering with leading innovators we can help scale the best new ideas in major industries like healthcare,” said Sue Siegel, CEO of GE Ventures and healthymagination. "We have followed RainDance’s progress for many years and are impressed with how the company’s cutting edge technologies are advancing the market and helping to bring in a new era of more accurate, non-invasive and cost-efficient testing for complex genetic disease research."
Roopom Banerjee, RainDance President and CEO, noted, “We welcome GE Ventures and Northgate as new investors. GE brings an unparalleled global network of businesses and partners, and is a logical outgrowth of the work we have under way with industry and research leaders committed to making the world healthier. Our success bringing in strategic investors such as GE Ventures and Myriad Genetics demonstrates we are a trusted platform partner to large customers in advancing the understanding, detection and monitoring of cancer and other important diseases.”
RainDance has raised more than $100 million from investors including Mohr Davidow Ventures, Quaker BioVentures, Alloy Ventures, Acadia Woods Partners, Sectoral Asset Management, Northgate Capital and Capital Royalty Partners, to support the development and commercial expansion of its leading technologies for Digital PCR and Next-Generation Targeted Sequencing (NGS). The RainDrop Digital PCR System, which has 50x to 1000x the sensitivity of traditional quantitative PCR, enables researchers to analyze low-frequency alleles with true single molecule detection capability. Separately, RainDance’s ThunderStorm System enables commercial laboratory customers to develop their own proprietary next-generation sequencing panels for disease research. RainDance products generally feature an ‘open system’ that leverages decades and billions of dollars already invested in NGS and PCR chemistries and innovations.
Most recently RainDance announced that it has developed the ThunderBolts™ Cancer Panel, a comprehensive NGS panel, for profiling actionable cancer mutations. ThunderBolts enables researchers to rapidly and cost-effectively analyze precious biopsy specimens such as those contained in bio-banks worldwide. The ThunderBolts Cancer Panel is currently being made available to select First Access Program (FAP) participants. Researchers from FAP sites will present data at a workshop at the American Association for Cancer Research (AACR) Annual Meeting in April 2014 in San Diego, California. For more information, on the ThunderBolts Cancer Panel, please visit RainDanceTech.com/ThunderBolts.)
Cowen Group 34th Annual Health Care Conference
Roopom Banerjee will be presenting more information on RainDance during the Cowen Group’s 34th Annual Health Care Conference on March 3, 2014 at 10:00am at the Boston Marriott Copley Place in Boston.
About GE Ventures
GE Ventures is committed to identifying, scaling and accelerating ideas that will make the world work better. Focused on the areas of software, advanced manufacturing, energy and healthcare, GE Ventures helps entrepreneurs and start-ups succeed by providing access to GE's technical expertise, capital and opportunities for commercialization through GE's global network of business, customers and partners. GE Ventures offers an unparalleled level of resources through its Global Research Center, including: 35,000 engineers; 5,000 research scientists; 8,000 software professionals; as well as 40,000 sales, marketing and development resources in over 100 countries. For more information, please visit http://www.ge.com/company/ge-ventures.
About RainDance Technologies
RainDance Technologies is making complex genetics simple. The company’s ultra-sensitive genomic tools are leading to new non-invasive liquid biopsy applications for more accurate, reliable, cost-effective and early detection of cancer, inherited and infectious diseases. Major research institutions and more than 70 leading translational, genetic and commercial laboratories around the world rely on RainDance systems’ superior performance. Based in Billerica, Massachusetts, the company supports customers using RainDrop Digital PCR and ThunderStorm Targeted DNA Sequencing Systems through its international sales and service operations as well as a global network of distributors and commercial service providers. For more information, please visit www.RainDanceTech.com.
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The RainDrop Digital PCR System, ThunderStorm Targeted Sequencing System, and ThunderBolts Cancer Panel are for Research Use Only; not for use in diagnostic procedures.
RainDance Technologies, the RainDance Technologies logo, RainDrop, and ThunderBolts are trademarks of RainDance Technologies, Inc. All other brands may be trademarks of their respective holders.
Pamela Mahoney, 408-674-6997
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