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Predictive Biosciences Closes $25 million Series C round

Wed, 06/16/2010 - 6:37am
Mass Device

Predictive Biosciences completed a $25 million Series C round, saying it plans to use the money to complete clinical trials for its CertNDx bladder cancer assay and ready it for market.

The assay reduces the need to expensive and invasive cancer-detecting procedures by reading DNA and protein biomarkers in a patient's urine. New investor ProQuest Investments led the round, joined by all current investors: Flybridge Capital Partners, Highland Capital Partners, Kaiser Permanente Ventures, and New Enterprise Associates," according to a press release.

ProQuest general partner Jay Moorin will join Predictive Biosciences' board of directors.

In May, the company appointed two vice presidents and expanded its sales force in preparation for the launch of the bladder cancer test.

Predictive has been building up its operations for an expansion into the oncological diagnostic testing market since the beginning of the year. The company added veteran diagnostics industry executive Kim Blickenstaff, president and CEO of insulin pump developer Tandem Diabetes Care Inc., to its board of directors in February. Predictivebought molecular diagnostics firm OncoDiagnostic Laboratory for an undisclosed amount in January, issuing $1.4 million in stock as part of the deal.

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