NanoString Technologies, Inc., a Seattle, WA-based provider of life science tools for translational research and developer of molecular diagnostics, has closed a $20m Series D equity financing.
Backers include new investors GE, BioMed Ventures and Henri Termeer, former Chairman and CEO of Genzyme Corporation, as well as existing investors Clarus Ventures, Draper Fisher Jurvetson and OVP Venture Partners.
The company intends to use the funds to continue the growth its life science tools business, as well as advance the development of its first molecular diagnostic product, a breast cancer assay based on the PAM50 gene expression signature.
Led by President and CEO Brad Gray, NanoString Technologies has developed its nCounter Analysis System, which is a digital detection and counting system that offers an easy way to profile hundreds of gene transcripts, copy number variations, or miRNAs, enabling a wide variety of basic research and translational medicine applications, including biomarker discovery and validation.
The company recently launched its second generation nCounter system, which includes the hardware upon which it will pursue regulatory clearance for its breast cancer subtyping assay and other molecular diagnostic assays.