REDWOOD CITY, Calif., Oct. 6 /PRNewswire/ -- Pathwork Diagnostics, Inc, a privately held molecular diagnostics company focused on oncology, today announced the closing of its $30 million Series C financing. Led by Alta Partners, the financing included participation from the company's existing investors: Abingworth, Advent Venture Partners, Novus Ventures, Prospect Venture Partners and Venrock. David Mack, Ph.D., Director at Alta Partners, joined Pathwork Diagnostics' board of directors in connection with the financing.
The Pathwork® Tissue of Origin Test identifies the source of cancers that are difficult to classify and increases oncologists' confidence in their treatment approaches. The test works on formalin-fixed, paraffin-embedded (FFPE) tissues, which is the most common clinical specimen type. The accurate and reproducible results are evaluated by the physician in the context of the patient's clinical history and complementary diagnostics.
Breaking new ground in the field of molecular diagnostics, the Tissue of Origin Test recently received U.S. Food and Drug (FDA) clearance. Pathwork has the only FDA-cleared molecular diagnostic test for tissue of origin. Pathwork also recently signed a diagnostic discovery partnership in oncology with Novartis.
"2010 has been an exciting and productive year at Pathwork Diagnostics," said CEO Deborah J. Neff. "We are pleased to have Alta Partners join our outstanding syndicate of investors, and look forward to working with our team to accelerate our efforts to build adoption and market share for the Tissue of Origin Test. This financing provides the resources to support our commercial activities and expand our product offerings."
"Pathwork Diagnostics is developing compelling technology that is changing the way oncologists diagnose and treat challenging tumors," said new board member David Mack. "We believe the company's technology is best in class and are excited about the company's commercial growth opportunities."
When the tumor's tissue of origin cannot be identified, patients may not receive the most appropriate tissue specific standard-of-care treatment. "Our approach allows physicians to have more certainty in diagnosing and managing their cancer patients," said Deborah J. Neff. "Pathwork looks forward to working directly on new molecular diagnostic tests and in collaboration with pharmaceutical companies to provide physicians with better diagnostics that will help improve patient care."
About Pathwork Diagnostics
Pathwork Diagnostics Inc. is a privately held company based in Redwood City, Calif., that develops and commercializes high-value molecular diagnostics for oncology. The company's flagship Tissue of Origin Test is the only FDA-cleared molecular test of its kind. For more information call toll-free 1(877) 808-0006 or visit www.pathworkdx.com.
About Alta Partners
Alta Partners is a San Francisco-based venture capital firm focused on life sciences investing. Founded in 1996, the firm currently manages $2 billion in committed capital through eight venture fund programs. Alta invests in life sciences companies across the development continuum, from company formation to later-stage opportunities, and has funded more than 120 companies in the sector to date. www.altapartners.com
SOURCE Alta Partners