Advanced Cell Diagnostics Completes $22 Million Series C Equity Financing
Proceeds Will Accelerate Commercialization and Launch of New Technology Platforms
Hayward, CA – June 18, 2015 – Advanced Cell Diagnostics, Inc. (ACD), a world leader in the field of in situ nucleic acid detection for life science research and clinical diagnostics, announced today that it has raised $22 million in Series C equity financing, led by growth equity investor Summit Partners with participation from Kenson Ventures and existing investors, Morningside Ventures and New Leaf Venture Partners.
Proceeds from the financing will be used to accelerate the entry into the research and clinical diagnostics markets and launch new innovative technology platforms based on ACD’s proprietary RNAscope® technology.
“ACD is a clear marker leader in in situ RNA detection, as validated by their rapid growth in revenue and strong customer base. Summit is excited to work with the company to expand its innovative products into new market sectors across the globe and to establish its RNAscope technology as a major diagnostic platform for precision medicine,” said Harrison Miller, a Managing Director with Summit Partners, who will join ACD’s Board of Directors.
“ACD has been on a successful trajectory since its founding. Its RNAscope technology is a game-changer and has become part of the next wave of the genomic revolution. We welcome Summit and other new investors to join the team as we move forward,” said Dr. Gerald Chan, Co-Founder of Morningside Ventures.
“We are grateful for the enthusiastic responses from investors in our Series C financing round. It is a strong recognition of the potential of ACD’s technology, which has already been featured in over 240 peer reviewed publications. The new funding will accelerate our pace of continued innovation and allow us to aggressively pursue our vision to bring RNAscope technologies to the forefront of precision medicine,” said Dr. Yuling Luo, Founder, President and CEO of ACD, “The company is now well-capitalized to realize this vision.”
ACD’s RNAscope represents a major technological advance in in situ RNA detection. This patented, groundbreaking platform is the first to enable robust single RNA molecule detection in routine formalin-fixed, paraffin-embedded (FFPE) clinical specimens. RNAscope provides rich molecular and morphological information in a single assay to maximize the clinical utility of RNA biomarkers. This is especially true in cancer diagnostics due to the significant intra-tumor heterogeneity and the complex involvement of the tumor microenvironment in tumor growth and therapeutic response. Since its commercialization over four years ago, RNAscope has seen rapid adoption across the globe by all major pharma/biotech companies and leading academic institutions for drug target validation, translational research, and the development of clinical diagnostics and companion diagnostic tests.
About Advanced Cell Diagnostics
Advanced Cell Diagnostics, Inc. (ACD) is a leader in the field of molecular pathology, developing cell and tissue based diagnostic tests for precision medicine. The company’s products and services are based on its proprietary RNAscope® technology, the first automated multiplex chromogenic and fluorescent in situ hybridization platform capable of detecting and quantifying RNA biomarkers in situ at single molecule sensitivity. RNAscope assays are currently used by all of the global top 10 pharmaceutical companies, world leading academic institutions and many cutting edge biotechnology companies to validate biomarkers for the management of cancer and other diseases. ACD’s industrial partnerships provide the foundation for ACD to develop companion diagnostic tests in conjunction with partners’ targeted therapeutics. ACD also pursues internal programs to develop and commercialize proprietary diagnostic tests in cancer management. Learn more about ACD and RNAscope technology at www.acdbio.com.
About Summit Partners
Summit Partners provides growth equity to exceptional entrepreneurs and management teams. Founded in 1984, the firm has raised more than $16 billion in capital and provides equity and fixed income for growth, recapitalizations and management buyouts. Summit has invested in more than 400 companies in healthcare and life sciences, technology and other growth sectors. These companies have completed more than 135 public offerings, and more than 150 have been acquired through strategic mergers and sales. Notable life science companies backed by Summit Partners include Clontech, Diagnostic Hybrids, Integrated DNA Technologies (IDT) and Fermentas International. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.
Steve Chen, Ph.D.
Chief Operating Officer