Presage Biosciences Announces New CEO, New Headquarters and Second Series A Close
SEATTLE- June 23, 2010 - Presage Biosciences, a Seattle-based company dedicated to improving the lives of cancer patients by helping bring more effective drugs to market, today announced that Caitlin Cameron has joined the company as President and CEO. She succeeds Thane Kreiner, who was the founding CEO and continues to serve as a Strategic Advisor to the Company.
The company also announced that it has leased new headquarters in Seattle in the Fairview Research Center at 530 Fairview Avenue North. Presage also closed a second round of its Series A equity financing, bringing the total raised to $4M. Additionally, non-dilutive funding in the form of a $1.4M NIH STTR grant will support continued expansion of the platform.
Presage Biosciences was formed based on technology invented in the laboratory of James Olson, M.D., Ph.D. at the Fred Hutchinson Cancer Research Center. The technology is licensed exclusively to Presage, which is commercializing it to improve the cancer drug discovery process by providing clinical surrogate data to its pharmaceutical partners.
"We are thrilled with the remarkable progress that Presage has made in such a short time," said Cameron, who joined Presage in April. "In addition to closing our financing and leasing our new headquarters, our team has significantly advanced our technology platform. As a result of this progress, we've received approval for agreements with two additional biopharmaceutical partners to employ our in vivo drug assessment
technology."
The Presage Biosciences technology platform enables, for the first time, oncology drugs to be assessed in the native tumor microenvironment without systemic delivery of the drug. The Company's proprietary platform has broad applications in drug development, from target dentification to clinical trial patient selection. James Olson, M.D., Ph.D., Presage's Founder and Scientific Director added, "We are fortunate to have someone with the leadership and extraordinary operational background of Caitlin join Presage here in Seattle. Our team is well poised to deliver on its research agreements with its pharmaceutical partners as we work together to accelerate effective cancer drug discovery."
About Presage Biosciences
Presage Biosciences works with pharmaceutical companies to bring better cancer treatments to market by assessing drug efficacy far earlier in the drug development process than is otherwise possible. The Company uses its proprietary technology to assess tumor response to drugs without the limitations inherent in systemic administration. The Presage platform has broad applications in drug development, from target identification to clinical trial patient selection. Presage Biosciences is based in Seattle, Washington and was founded based on technology developed at the Fred Hutchinson Cancer Research Center in the laboratory of Dr. Jim Olson. For more information about the
company, visit www.presagebio.com.
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Press Contact:
Nathan Caffo
VP of Business Development
Presage Biosciences, Inc
[email protected]
800-530-5404