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HistoRx Raises $6.0 Million in Series B Funding to Advance Diagnostic Product Development
NEW HAVEN, Conn., Oct. 24 /PRNewswire/ -- HistoRx, Inc., announced
today that it has secured $6.0 million in a Series B private equity
financing round. Current investor Brook Venture Partners led the round.
In addition to Brook Venture Partners, participants in the financing
included another Series A investor, Navigator Technology Ventures, as well
as three new investors: The Roche Venture Fund, Commons Capital, and Maven
Capital.
HistoRx will use the funds to advance development and commercialization
of its portfolio of proprietary tissue-based diagnostic products developed
from the company's patented AQUA(R) biomarker analysis platform.
"These funds provide the resources necessary to move our product
portfolio of diagnostic tests through later-stage development, FDA
approval, and commercialization," said Rana K. Gupta, CEO of HistoRx. "We
are gratified by the interest in HistoRx from these highly regarded new
investors, along with the support shown by our existing shareholders."
Fred Morris, General Partner of Brook Venture Partners, commented, "We
are excited about the tremendous traction HistoRx' AQUA(R) technology has
generated in the field of tissue biomarker analysis, with strong market
uptake by pharmaceutical partners who are using AQUA(R) to better
understand the biology of their oncology compounds in development; and with
investigators in pathology and oncology at leading academic and research
institutions worldwide adopting the AQUA(R) technology and highlighting its
potential diagnostic utility. We are pleased to lead this financing and to
partner with this high-caliber investor syndicate and management team in
guiding the company through its next phase of growth."
"The Roche Venture Fund is pleased to be part of the future of HistoRx
and the AQUA(R) technology, which is helping to advance a more personalized
form of health care," stated Simon Meier, Investment Manager of the Roche
Venture Fund. "The AQUA(R) technology will provide physicians with more
precise information that will enable them to target therapies more
accurately to individuals and thereby improve patients' lives."
About HistoRx
HistoRx, Inc. is a leader in the emerging field of tissue-based
diagnostic products for targeted patient treatment. The company's products
and services are based on proprietary AQUA(R) technology, the first
platform capable of measuring biomarker concentration with subcellular
resolution in tissue sections in a fully standardized and automated manner.
HistoRx partners with pharmaceutical and biotechnology companies to
generate precise and cost-effective answers about the safety and
effectiveness of targeted therapeutics in development for cancer and other
diseases. These partnerships provide the foundation for HistoRx to develop
companion diagnostic tests that will be co-marketed with partners' targeted
therapeutics. HistoRx also pursues internal programs to develop proprietary
standard-of-care diagnostics that will enable improved treatment decisions
in cancer care.
Brook Venture Partners is a top quartile venture investment firm which
provides expansion stage capital to information technology and medical
technology companies located in the northeastern United States. The firm
focuses on initial investments of $2-5 million. Brook is headquartered
outside Boston in Wakefield, MA. For information call 781-295-4000 or visit
http://www.brookventure.com.
Roche Venture Fund makes investments in early stage biotech and
diagnostics companies to support innovative technologies and medicines.
Based in Basel, Switzerland, the Roche Venture Fund manages a portfolio of
over 25 companies in 10 countries.
Maven BioCapital, LLC, a Maven Capital LLC fund, is an investment fund
that invests primarily in early stage growth capital opportunities. The
fund, leveraging the background of its management, invests broadly but
specializes in businesses with intellectual property and focuses on
healthcare, medical devices, life sciences and physical sciences. Maven
Capital, LLC invests in opportunities in information technology and real
estate as well.
Commons Capital LP is a venture capital fund seeking strong financial
returns as well as significant social and environmental impact. We invest
in "double bottom-line" early-stage companies whose products, services, or
corporate cultures promote a sustainable economy by delivering market
solutions to major social and environmental challenges.
Navigator Technology Ventures located in Cambridge, MA and led by Alain
Hanover is an early-stage, technology venture capital firm that seeks to
fund technology-rich start-ups. With the assistance of Draper Laboratory,
NTV invests in unique, highly proprietary technologies.
CONTACT:
Mary Moynihan
M2Friend Biocommunications
(802) 951-9600
mary@m2friend.com
SOURCE HistoRx, Inc.













