NEW YORK, March 11, 2014 /PRNewswire/ -- Exosome Diagnostics today announced the initial close of its Series B financing round with the raising of $27 million. Proceeds will be used to advance development of the Company's proprietary platform technology and commercial programs for non-invasive, fluid-based molecular diagnostics in oncology, neurodegenerative diseases and other clinical areas.
- Co-leading the financing were new investors QIAGEN and Arcus Ventures
- New participating investors included Tiger Partners L.P. (an investment vehicle managed by Julian H. Robertson, Jr.), CD Ventures and Monashee Capital
- Existing participating investors included NGN Capital and Forbion Capital Partners
- Steven Soignet, M.D., general partner at Arcus Ventures and former faculty member at Memorial Sloan Kettering Cancer Center, to join Exosome's Board of Directors
- Use of proceeds will include:
- Launch of the first clinical diagnostic product in the U.S. planned for 2014; EXO106 is a diagnostic test using a non-invasive urine sample which could potentially reduce the number of unnecessary prostate biopsies in patients with an elevated PSA
- Development under an expanded collaboration with QIAGEN of a blood-based diagnostic test measuring an actionable mutation in non-small cell lung cancer; EXO501 is expected to provide repeated, non-invasive assessment of tumor mutation status
- Development of a blood-based, multi-gene clinically actionable biomarker panel for use in oncology applications; EXO1000 expected to measure key gene mutations and gene expression levels routinely used in oncology
- Global launch of exoRNeasy® research kits for RNA extraction from blood serum/plasma targeted for Q2 2014; exoRNeasy® will carry the QIAGEN and Exosome Diagnostics brand names
- Continued research and development of the Exosome Diagnostics proprietary technology platform
- Leerink Swann served as financial advisor and placement agent to Exosome Diagnostics in connection with the Series B private placement
James McCullough, chief executive officer of Exosome Diagnostics said, "Our proprietary fluid-based technology platform represents a significant advance in delivering molecular diagnostic information without the patient needing to undergo an invasive tissue biopsy. 2014 will be a transformative year as we bring our first commercialized products to market."
Steven Soignet, M.D., general partner of Arcus Ventures said, "Exosome Diagnostics technology will advance cancer care by allowing the collection of longitudinal molecular information that can potentially improve the use of cancer therapeutics and may serve as a method to diagnose and assess for recurrence of disease."
About Exosome Diagnostics
Exosome Diagnostics is a leading developer of fluid-based molecular diagnostic tests for use in personalized medicine. Exosomes and other microvesicles are packaged and shed into all biofluids, including blood, urine and cerebrospinal fluid, providing a stable source for intact, disease-specific genetic material. The company's proprietary exosome technology makes use of the presence and natural stability of RNA in exosomes to detect and measure levels of genes responsible for cancer and other diseases. For more information, please visit www.exosomedx.com.
SOURCE Exosome Diagnostics