Nodality Completes $15.5 Million in Financing
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Nodality, Inc., a biotechnology company focused on the development of next generation personalized medicine tests in cancer and autoimmune disease, today announced it completed financing in which the company raised $15.5 million. The round was led by Pfizer Ventures, the venture capital arm of Pfizer Inc. (NYSE:PFE), a previous investor in Nodality, and Laboratory Corporation of America Holdings (NYSE:LH), with additional participation from previous investors, including Kleiner Perkins Caulfield & Byers, TPG Biotechnology, and Maverick Capital. Proceeds from this financing will be used to support commercial activities associated with the company's launch of its first test in acute myelogenous leukemia, as well as to advance ongoing and new research and development programs in other hematologic malignancies, autoimmune diseases, and solid tumors.
"This successful financing is a testament to Nodality's potential impact and market potential in the personalized medicine arena," stated Risa Stack, partner at Kleiner Perkins Caulfield & Byers.
"This financing is important to achieving our short-term business objectives and positioning the organization for long-term success, and we appreciate the support of our investors and strategic partners," commented David R. Parkinson, MD, president and chief executive officer of Nodality, Inc. "We continue to focus on meeting our near-term commercial timelines, developing new tests, and expanding the market potential of Single Cell Network Profiling which we believe provides the opportunity to greatly improve patient care and outcomes as well as the drug development process."
Nodality develops and commercializes the next generation of personal diagnostic tests by characterizing cell signaling pathways in defined cellular sub-populations of malignant and normal cells. The South San Francisco based company applies proprietary multiparametric Single Cell Network Profiling (SCNP) technology to develop highly predictive biological characterization tests to improve patient management in cancer and autoimmune diseases, the goal of personalized medicine. These tests will permit biologically informed clinical decisions of significant clinical utility. Validation studies for tests to predict success of induction chemotherapy for acute myelogenous leukemia (AML) are underway in collaboration with clinical investigators. In addition to the development of additional clinical tests for AML, SCNP is also being used in the development of new therapeutic agents for patients with other hematologic malignancies, autoimmune diseases, and solid tumors. For more information, please visit www.nodality.com.
About Single Cell Network Profiling
Single Cell Network Profiling (SCNP) is a proprietary technology licensed from Stanford University to characterize cell signalling networks in patients with cancer and autoimmune diseases. SCNP, by measuring functional signaling network behavior in single cells, has several advantages over other currently used molecular technologies. These include unprecedented insight into the presence and clinical meaning of cellular heterogeneity including the importance of rare cells such as drug-resistant and stem cells. As the technology has widespread application in both preclinical and clinical drug development, Nodality is also utilizing SCNP in collaboration with drug developers to decrease the time, cost, and risks of drug development.