BG Medicine Closes $40 Million in Series D Financing
Funds to accelerate launch of diagnostic products to enable Biomarker-Guided Medicine
July 17, 2008 -- Waltham, Mass., BG Medicine, a life sciences company focused on the discovery, development and commercialization of novel molecular diagnostics based on biomarkers to improve patient outcomes and contain healthcare costs, announced today that it has raised $40 million in its Series D financing. New investors Legg Mason Capital Management, GE Asset Management and SMALLCAP World Fund joined current investors Flagship Ventures, Gilde Healthcare Partners, Humana, and Stelios Papadopoulos in the round. The funding will enable BG Medicine to complete development and commercialization of the company's first two diagnostic products and continue discovery and development of additional product candidates.
Dr. Pieter Muntendam, CEO and President, stated, "We are pleased that these new investors have joined our existing, experienced life science investors to help bring our exciting, new products to market. Molecular diagnostics are having a strong influence on the practice of medicine and we are pleased to be at the forefront of that revolution. This substantial investment further validates our technology, product pipeline and business model."
"By applying the modern science of Systems Biology to important disease conditions and their treatments, BG Medicine is poised to significantly improve the information used to support vital medical decisions, and therefore facilitate the provision of better healthcare in terms of outcomes and cost," said Dr. Noubar Afeyan, co-founder and Chairman of BG Medicine and Managing Partner of Flagship Ventures. "Building on investments made during the past five years in developing and validating our patented technology platforms, this round should accelerate the commercialization of our new tests and position BG Medicine as an early leader in the emerging Biomarker-Guided Medicine market."
Leerink Swann LLC acted as a placement agent for the private placement of the Series D shares.
About BG Medicine
BG Medicine is developing molecular diagnostic tests based on biomarkers that are intended to provide information to physicians that will improve patient treatment decisions. Our molecular diagnostic tests are designed to predict a patient's response to a drug therapy, determine the potential toxicity of therapeutic agents to patients, identify patients who have or are likely to develop a specific disease, predict a patient's prognosis once a disease has been diagnosed and monitor a patient's disease progression or drug response. Our patented technology platform is the discovery engine that enables us to identify new biomarkers by integrating and automating the measurement, analysis, characterization and interpretation of proteins and small non-protein biological molecules, or metabolites, collected from bodily fluids. We have created a broad pipeline of product candidates that focus on cardiovascular disease, cancer and central nervous system disorders. We have ongoing joint initiatives with major pharmaceutical companies including Merck, AstraZeneca, Abbott and Takeda, other healthcare organizations including Humana and Philips and the U.S. Food and Drug Administration.