HomefundingCrescendo Bioscience Raises $56M

Crescendo Bioscience Raises $56M

-

Crescendo Bioscience, a South San Francisco, CA-based molecular diagnostics company developing quantitative biomarker tests for rheumatoid arthritis and other inflammatory diseases, has completed a $31m Series C equity financing and entered into a strategic investment agreement with Myriad Genetics for $25m, raising a total of $56m.

The Series C round was led by aeris CAPITAL AG, with participation from existing investors Mohr Davidow Ventures, Kleiner Perkins Caufield & Byers and others.
The investment by Myriad is non-dilutive capital. It is structured as long term debt and is accompanied by a three-year option to acquire Crescendo Bioscience.

The company intends to use the funding to accelerate the commercialization of its first product, Vectra(TM) DA, a blood-based molecular diagnostic test designed to determine the level of disease activity in patients with rheumatoid arthritis, and expand its pipeline of molecular diagnostic products for rheumatoid arthritis and other inflammatory diseases.

Crescendo Bioscience’ management includes:
– William A. Hagstrom, Chief Executive Officer
– David Chernoff, MD — Chief Medical Officer
– Michael Centola, PhD — Founder and Scientific Advisor
– Guy Cavet, PhD — Vice President, Bioinformatics
– Lyndal Hesterberg, PhD — Chief Technology Officer
– Ted Snelgrove — Chief Commercial Officer
– Lucy Lu — Vice President, Business Development
– William R. Salisbury — Chief Financial Officer
– Alex Bangs — Chief Information Officer.

FinSMEs

10/09/2011

More