Advanced Cell Diagnostics to fuel expansion with $12M Series B

Advanced Cell Diagnostics is kicking up a major expansion now that it has reeled in a $12 million Series B round of financing.

The California company said the new funding, announced Nov. 1, will boost efforts to launch its RNAscope tests into the clinical diagnostics market and expand the same technology to life sciences research clients. Companion diagnostics for cancer and other diseases are a primary focus, and Advanced Cell Diagnostics notes it is partnering with both pharmaceutical and biotechnology companies. New Leaf Venture Partners led the new round of equity financing, in which previous investor Morningside Ventures also took part.

ACD raised a $5.4 million Series A equity round in 2009.

Advanced Cell Diagnostics bills its RNAscope technology as an advance over existing RNA biomarker diagnostic tests because the in situ hybridization technology can both detect and quantify RNA biomarkers at single molecule sensitivity. Interestingly, the company also says it can turn around a new assay in about three weeks.

Among the companies with which ACD is working: Definiens, a German company focused on imaging and data analysis and Roche's ($RHHBY) Ventana. ACD inked an agreement with Ventana almost a year ago to automate ACD's technology on Ventana's Discovery series of slide-staining platforms.

- here's the release


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