Third Rock partners on $33M Series A for diagnostic startup

Third Rock Ventures and Prospect Venture Partners have partnered on a $33 million Series A for NinePoint Medical, a Cambridge, MA-based startup that is developing new technology that can be used to examine gastrointestinal tissue for precancerous and cancerous cells.

NinePoint's goal is to give gastroenterologists a real-time diagnostic tool that would allow patients to get immediate treatment following an examination. And the company is promising to expand its technology into other specialties over time. The company says it plans to set up manufacturing operations in Cambridge as well.

"With the support and strategic guidance from our founders and advisors, we believe we can successfully develop and commercialize a groundbreaking portfolio of medical devices that may dramatically improve diagnostic and treatment options for patients and physicians," CEO Charles Carignan said. "We also look forward to positively impacting the Boston-area economy with the creation of new jobs at our Cambridge facility as we focus on building out a dynamic team to achieve our goals."

The round is a classic Third Rock play, highlighting its strategy of aggressively funding startups that promise to change the way medicine is practiced. Now on its second fund, Third Rock partners are planning about six new deals a year.

- here's the NinePoint release

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