Lexingon, MA-based diagnostics company Predictive Biosciences has completed a $25 million Series C financing round with the help of new investor ProQuest Investments. Flybridge Capital Partners, Highland Capital Partners, Kaiser Permanente Ventures and New Enterprise Associates also participated. The company's last round was in 2008, when it raised almost $22 million.
"The completion of this financing follows on the company's achievement of several key corporate initiatives, including our successful acquisition and integration of OncoDiagnostic Laboratory (ODL)...and the extensive progress both in our clinical programs and commercialization of the CertNDxTM bladder cancer assay," explained Predictive CEO Peter Klemm.
Predictive is developing molecular diagnostic cancer assays in addition to providing anatomic pathology laboratory products and services. The financing will be used to finance multi-center clinical trials for Predictive's CertNDx bladder cancer assay and support its commercial launch of the test. The developer is also funding ODL's growth. The company, which was acquired by Predictive in January, provides lab information systems that streamline test ordering and integration with electronic medical records.
- here's Predictive's release