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| Human breast cancer FFPE tissue seen using the RNAscope--Courtesy of Advanced Cell Diagnostics |
Silicon Valley's Advanced Cell Diagnostics recently announced that it has raised $22 million in a Series C financing led by Summit Partners, with participation from Kenson Ventures. Previous investors in the round were Morningside Ventures and New Leaf Venture Partners.
The money will aid the launch of new diagnostics based on the company's RNAscope technology for in situ RNA detection techniques within intact cells. The company says it has the only platform for detecting every gene in the human transcriptome in situ.
RNAscope involves the use of two independent probes for signal amplification. The company says RNA expression levels are a good measure of the functional state of a cell, and complement protein- and DNA-based biomarkers.
"ACD is a clear marker leader in in situ RNA detection, as validated by their rapid growth in revenue and strong customer base. Summit is excited to work with the company to expand its innovative products into new market sectors across the globe and to establish its RNAscope technology as a major diagnostic platform for precision medicine," said Harrison Miller, a managing director at Summit Partners, in a statement. He will join ACD's Board of Directors.
The company sells a variety of reagent kits, assays and probes. Its technology enables visualization of RNA under a microscope. It also provides services to the pharma industry, such as data analysis and sample tissue quality control, for all phases of the R&D process and companion diagnostics development.
"We are grateful for the enthusiastic responses from investors in our Series C financing round. It is a strong recognition of the potential of ACD's technology, which has already been featured in over 240 peer reviewed publications. The new funding will accelerate our pace of continued innovation and allow us to aggressively pursue our vision to bring RNAscope technologies to the forefront of precision medicine," said Dr. Yuling Luo, Founder and CEO of Advanced Cell Diagnostics, in a statement. "The company is now well-capitalized to realize this vision."
- read the release