NanoString Technologies Inc. Grabs $20 Million From GE Corporation, Former Genzyme Corporation CEO to Pursue Molecular Diagnostics
Published: Nov 07, 2011
The proceeds of the financing will be used to continue the growth of NanoString's life science tools business, as well as advance the development of the company's first molecular diagnostic product, a breast cancer assay based on the PAM50 gene expression signature. Results from the first clinical study evaluating NanoString's breast cancer assay will be presented at the 2011 San Antonio Breast Cancer Symposium (SABCS) on December 8.
This investment in NanoString represents the first by GE's healthymagination Fund that is aligned with GE Healthcare's recently announced $1 billion commitment to new oncology R&D. "NanoString is a good strategic fit with GE Healthcare, given our common focus on oncology," said Pascale Witz, President and CEO of GE Healthcare's Medical Diagnostics business. "GE Healthcare's growing personalized medicine portfolio encompasses a wide range of life science tools and diagnostic solutions. We believe NanoString's nCounter(R) Analysis System gives researchers the potential to take basic biomarker discoveries into the clinic. We look forward to exploring ways to collaborate with the NanoString team."
Henri Termeer served as Chairman, President and CEO of Genzyme Corporation until July 2011. During his 27 year tenure, Genzyme introduced numerous innovative therapeutics and diagnostics for genetic disease and cancer. "The development and use of targeted cancer therapies requires understanding each patient's tumor at a molecular level," said Mr. Termeer. "NanoString's technology provides an invaluable tool in cancer research and drug development, and has the potential to enable a globally scalable approach to personalized medicine."
"This financing has brought both growth capital and a constellation of healthcare leaders into NanoString's orbit," said Brad Gray, President and CEO of NanoString Technologies. "We look forward to applying these new funds and relationships to growing the installed base for our nCounter research platform, and in parallel, advancing our molecular diagnostics program through clinical development and regulatory approval."
NanoString's nCounter Analysis System is a fully automated, multi-application digital detection and counting system with a very simple workflow. The nCounter system has been employed in basic and translational research since it was first introduced in 2008. NanoString provides assays for gene expression, miRNA analysis and copy number variation. NanoString recently launched its second generation nCounter system, which includes the hardware upon which the company will pursue regulatory clearance for its breast cancer subtyping assay and other molecular diagnostic assays.
The nCounter Analysis System is currently available for Research Use Only. More information is available at www.NanoString.com .
About NanoString Technologies, Inc.
NanoString Technologies is a privately held provider of life science tools for translational research and developer of molecular diagnostics. The company's nCounter(R) Analysis System is the first and only technology platform to deliver highly multiplexed, direct profiling of individual molecules in a single reaction without amplification. The nCounter Analysis System offers a cost-effective way to easily profile hundreds of gene transcripts, copy number variations, or miRNAs simultaneously with high sensitivity and precision. The company's technology enables a wide variety of basic research and translational medicine applications, including biomarker discovery and validation. NanoString is also developing the technology for use in molecular diagnostics.
About GE Capital, Equity
GE Capital, Equity is GE's private equity investment group, investing in growth companies, buyouts and special situations. Visit www.geequity.com . GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital).
About GE Healthcare
GE Healthcare provides transformational medical technologies and services that are shaping a new age of patient care. The company's broad expertise in medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery, biopharmaceutical manufacturing technologies, performance improvement and performance solutions services help customers to deliver better care to more people around the world at a lower cost. In addition, the company partners with healthcare leaders, striving to leverage the global policy change necessary to implement a successful shift to sustainable healthcare systems. For more information about GE Healthcare, visit www.gehealthcare.com .
The nCounter platform is for Research Use Only. Not for use in diagnostic procedures.
SOURCE: NanoString Technologies, Inc.
For NanoString Technologies
Nicole Litchfield, 415-793-6468