Asuragen Inc., an Austin, Texas-based provider of molecular diagnostics for oncology, has raised $18.5 million in Series B fnding. PTV Sciences was joined by return backers Telegraph Hill Partners and Growth Capital Partners.
Asuragen, Inc., a privately held molecular diagnostics company and molecular biology service provider, announced that it has secured $18.5 million in Series B financing. This funding round comes on top of a $49 million Series A round the Company closed in March 2006.
The Series B round was raised from a combination of previous
investors from the Series A round and new investors. Austin based PTV Sciences, a new investor, joined previous investors including San Francisco based Telegraph Hill Partners and Houston based Growth Capital Partners in the new round. “Asuragen has built a world class team to commercialize their microRNA patent estate into next generation molecular diagnostics and therapeutics. PTV looks forward to working with this powerful combination of operational competencies and a leading patent estate in microRNA,” said Evan Melrose, M.D., Managing Director of PTV Sciences.
“We are excited about the addition of PTV Sciences to an already strong syndicate of investors in the molecular diagnostics arena,” said Dr. Matthew M. Winkler, Chief Executive Officer and Chief Scientific Officer of Asuragen. “Evan Melrose from PTV will be a great addition to our Board of Directors. These proceeds give us the resources to build on the momentum we have created since Asuragen was formed in 2006, allowing us to advance our efforts in developing next generation oncology molecular diagnostics products and services.”
In addition to its diagnostic research program, Asuragen is developing microRNAs as cancer therapeutics and is conducting pre-clinical development of its lead candidates.
About Asuragen, Inc.
Asuragen is a fully integrated diagnostics company focused on molecular oncology and early detection of cancer, with an emphasis on microRNA. Asuragen's current diagnostics product portfolio consists of Signature(R) Genetic and Oncology Testing products, as well as industry leading controls and standards engineered using its patented Armored RNA(R) technology. In addition to its diagnostics products, Asuragen offers GLP testing services and an established cGMP manufacturing facility that allow it to span the spectrum of discovery, testing, production and commercialization. More information is available at the Company's website: www.asuragen.com.