RainDance Technologies Names Alfred G. Merriweather Chief Financial Officer
Veteran Finance Executive Joins As Company Grows Digital PCR and Next-Gen Sequencing Platforms for Disease-Focused Applications
BILLERICA, Mass.--(BUSINESS WIRE)--RainDance Technologies, Inc., a genomics tools company enabling development of ultra-sensitive and non-invasive methods for early detection of cancer and inherited diseases, today announced that Alfred G. (Alf) Merriweather has joined the company as Chief Financial Officer.
"Our technology platforms are experiencing rapid and broad market adoption in academic and translational research, as well as in industrial and applied markets. Alf has substantial experience with growing revenues in the commercial scale up phase of life science companies."
Merriweather brings more than 25 years of executive level experience in private and public company financing, initial public offerings, mergers and acquisitions, as well as broad transactional experience in strategic corporate partnerships and initial public offerings. He most recently served as CFO of Verinata Health prior to its acquisition by Illumina. Previously he served as CFO and in senior executive positions with several leading life science and clinical diagnostics companies, including Celera Corporation and Monogram Biosciences.
"Alf is joining us at a significant inflection point in our business and his appointment will help expand our financial activities to better support our growing worldwide operations," said RainDance CEO Roopom Banerjee. "Our technology platforms are experiencing rapid and broad market adoption in academic and translational research, as well as in industrial and applied markets. Alf has substantial experience with growing revenues in the commercial scale up phase of life science companies."
RainDance has raised over $100 million to support development and commercial expansion of its leading Digital PCR and Next-Generation Targeted DNA Sequencing systems. The RainDrop Digital PCR System, which isolates genetic material into 10,000,000 picodroplets per sample, is enabling researchers to detect low-frequency tumor alleles. Separately, RainDance's ThunderStorm System is allowing development of comprehensive next-generation sequencing-based gene panels for screening cancer hotspots and other specific human genes or regions of interest. RainDance features an open system that leverages the billions of dollars already invested in molecular biology development and innovation.
"What attracted me in particular to RainDance," Merriweather added, "is the opportunity to make the 'liquid biopsy' concept a clinical and commercial reality. We are transforming cancer research by providing scientists with the ability to gain valuable genomics information from a simple blood draw. With two transformative platforms that leverage a common core technology, there is also a clear and immediate opportunity to build a strong and vibrant business."
RainDance executives will be presenting at the JP Morgan Healthcare Conference in January 2014, and the International Strategy and Investment Group Med Tools Conference in Boston this week.
In 2013 the company:
Signed a multi-year supply agreement with Myriad Genetics to provide ThunderStorm™ systems, gene panels, reagents and consumables for Myriad's recently launched myRisk™ Hereditary Cancer Panel;
Successfully collaborated with clinical researchers to demonstrate the use of the company's RainDrop™ Digital PCR technology for detecting circulating tumor mutations directly from blood, urine and cerebrospinal fluid, demonstrating that cancer progression can be monitored by less-invasive techniques, with superior performance;
Expanded its commercial leadership with industry veterans, and extended the company's global reach with nine new distribution partnerships to support the fast-growing Asia-Pacific and European markets;
Announced a new Service Partner Program for customers developing next-generation sequencing-based genetic research gene panels.
Closed a $35 million financing led by Capital Royalty Partners to support commercial expansion of the company's Digital PCR and Next-Generation Targeted DNA Sequencing products.
About RainDance Technologies
RainDance Technologies is making complex genetics simple. The company's ultra-sensitive genomic tools are leading to new non-invasive liquid biopsy applications for more accurate, reliable, cost-effective and early detection of cancer, inherited and infectious diseases. Major research institutions and clinical genetics laboratories around the world rely on RainDance systems' superior performance. Based in Billerica, Massachusetts, the company supports customers using RainDrop Digital PCR and ThunderStorm Targeted DNA Sequencing Systems through its international sales and service operations as well as a global network of distributors and commercial service providers. For more information, please visit www.RainDanceTech.com.
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Pamela Mahoney, 408-674-6997