Metamark Genetics, Inc. Completes $22 Million Series B Financing to Advance Pipeline of Innovative Function-Based Prognostic Assays for Early Stage Cancers
- Lead Investor Agrees to Purchase Additional $8 Million Upon Satisfaction of Undisclosed Milestones -
CAMBRIDGE, Mass., July 13 /PRNewswire/ -- Metamark Genetics, Inc., a molecular diagnostics company addressing a major challenge in cancer medicine, has completed a $22 million Series B financing. Metamark's Prognosis DeterminantsTM platform has illuminated the genetic drivers governing the lethal metastatic progression of major cancers and is now focused on pivotal translational and commercialization efforts to bring these breakthrough discoveries to cancer patients worldwide. Subject to the Company's satisfaction of undisclosed milestones and other customary closing conditions, the lead investor will have an obligation to purchase up to an aggregate of $8M of additional preferred stock.
Proceeds from the financing will be used to expand Metamark's research and development and clinical testing infrastructure, in addition to establishing its commercial organization. Kenneth E. Weg, Metamark's Chairman and acting CEO, remarked "We expect that this robust level of capitalization will assure that Metamark has the resources to fully develop and prepare for the commercialization of its innovative molecular diagnostic tests for early stage cancers, which comprise the majority of cancer diagnoses today."
Metamark's proprietary MetamarkDxTM Prognostic Assays are being designed to enable the identification of those early stage cancers that are genetically hardwired for lethal spread, thus arming physicians with critical insight to develop personalized treatment strategies, such as the enlistment of high risk patients into more aggressive treatment regimens than low risk patients. As importantly, these powerful tests will reduce the unnecessary over-treatment of benign disease, thus significantly reducing health care costs. Dr. Lynda Chin, Metamark's scientific founder and Board Member, further notes "By uniformly impacting positively across the needs of patients, physicians, and payers, Metamark stands to become a leader in the personalized medicine revolution."
Metamark's Senior Director of Operations, Eric Devroe, Ph.D., added "This Series B financing comes at an important time in Metamark's planned evolution into a leading molecular diagnostics company. We look forward to sharing forthcoming developments related to Metamark's expanding team, scientific publications, and strategic business partnerships."
Metamark's founding team, comprising world leaders in oncology, genetics, pathology, successful serial entrepreneurs, and business leaders includes:
- Lynda Chin, M.D., Professor of Dermatology at Harvard Medical School and the Scientific Director of the Belfer Institute for Applied Cancer Science at the Dana-Farber Cancer Institute. Dr. Chin is a leading figure in The Cancer Genome Atlas (TCGA) and the International Cancer Genome Consortium, as well as a co-founder of AVEO Pharmaceuticals.
- Ronald A. DePinho M.D., American Cancer Society Research Professor and Professor of Medicine and Genetics at Harvard Medical School and Director of the Belfer Institute for Applied Cancer Science. Dr. DePinho is a member of the Institute of Medicine of the National Academy of Sciences, the recipient of the 2009 4th Annual Szent Gyorgyi Prize for Progress in Cancer Research, and a co-founder of AVEO Pharmaceuticals.
- David Rimm M.D., Ph.D., Professor of Pathology at Yale and Director of the Yale Tissue Microarray Facility. Dr. Rimm is a leading authority on the use of biomarkers to predict metastasis, has pioneered the quantitation and digitization of molecular pathology, invented the AQUA® technology, and co-founded HistoRx, Inc.
- Raju Kucherlapati Ph.D., Paul C. Cabot Professor of Genetics and Professor of Medicine at Harvard Medical School. Dr. Kucherlapati is a leader in the national Personalized Medicine community, a member of both the Institute of Medicine of the National Academy of Sciences and the Presidential Commission for the Study of Bioethical Issues, and was a founder of Cell Genesys, Abgenix, and Millennium Pharmaceuticals.
- Kenneth E. Weg, Chairman and Acting CEO of Metamark Genetics, previously served 33 years at Bristol-Myers Squibb Company, most recently as President, Worldwide Medicines Group as well as Vice Chairman of the Board of Directors. Mr. Weg currently serves on the Board of Directors of the Fox Chase Cancer Center and AVEO Pharmaceuticals, and was previously the non-executive Chairman of Millennium Pharmaceuticals until the company was bought by Takeda.
About Metamark Genetics, Inc.
Metamark is a privately held oncology company focused on the development of function-based prognostic assays for early staged cancers. The MetamarkDxTM Prognostic Assays under development are based on Metamark's proprietary Prognosis DeterminantsTM, genes discovered through leading edge cancer research and demonstrated to play a causal role in promoting tumor progression and spread. For further information, please visit the company's website at www.metamarkgenetics.com