With the help of several blue-chip firms, including lead investor Domain Associates, South San Francisco-based Veracyte has announced it has closed a $28 million Series B round. Previous investors Kleiner Perkins Caufield & Byers, TPG Biotech, and Versant Ventures also participated.
Veracyte is attempting to develop molecular cytology solutions to improve the early and accurate diagnosis of cancer. Its thyroid test, which helps cut down on the number of benign surgeries, is undergoing large-scale trials. The company hopes to commercialize the diagnostic tool later this year. Veracyte's pipeline includes advanced molecular testing for thyroid and lung cancer. The lung program is in early stage biomarker discovery.
"Domain, along with KPCB, TPG, and Versant, has a successful track record in guiding the commercialization of new and innovative technologies to improve patient care," says Veracyte CEO Bonnie Anderson in a statement. "This investment will be used to bring our advanced testing service in thyroid cancer to market by the end of this year."
- here's Veracyte's release
ALSO: Pittsburgh-based Precision Therapeutics has landed a $33 million venture capital round, with Bain Capital leading the Series D funding round. "That's twice what we shot for," said CEO Sean McDonald, who, according to the Pittsburgh Business Times, originally hoped to raise $15 million. Precision already has a diagnostic product on the market. ChemoFx is lab test that predicts how patients' cancer cells will respond to different chemotherapy agents prior to initiating the treatment. Precision story
PLUS: Cambridge, MA-based BioScale, a life sciences toolmaker founded by a trio of MIT professors, has rounded up $25 million in venture funding, with Morningside Venture leading the way as a new investor. Existing investors New Science Ventures, WFD Ventures, F2 Ventures, and several individual investors also chipped in to the round, which will be used to fuel the development and commercialization of its protein analytics technology. BioScale report
PLUS: Minnesota-based Impres Medical has raised $3 million from the sale of convertible debt and stock options. The company is developing an implantable device to prevent severe cramping and bleeding in women. Report