Exosome Diagnostics Closes $27M Series B Financing

Exosome Diagnostics, a New York NY-based developer of molecular diagnostic tests, closed a $27m Series B financing.

The round was led by new investors QIAGEN and Arcus Ventures with participation from Tiger Partners, CD Ventures, Monashee Capital, NGN Capital and Forbion Capital Partners. In conjunction with the funding, Dr. Steven Soignet, general partner at Arcus Ventures, joined Exosome’s board of directors.

The company will use the funds to:
– launch (in 2014) EXO106, a diagnostic test which could potentially reduce the number of unnecessary prostate biopsies in patients with an elevated PSA
– develop – under an expanded collaboration with QIAGEN – a blood-based diagnostic test (EXO501) measuring an actionable mutation in non-small cell lung cancer; 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)
– launch exoRNeasy® research kits for RNA extraction from blood serum/plasma (targeted for Q2 2014)
– research and development of Exosome Diagnostics proprietary technology platform.

Led by James McCullough, CEO, Exosome Diagnostics develops fluid-based molecular diagnostic tests for use in personalized medicine, which packaged and shed exosomes and other microvesicles into all biofluids, including blood, urine and cerebrospinal fluid, providing a stable source for intact, disease-specific genetic material to detect and measure levels of genes responsible for cancer and other diseases.

FinSMEs

11/03/2014

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