Ballast Point Ventures, a St. Petersburg, Fla., firm affiliated with Raymond James Financial, Inc. closed a $3 million growth equity investment in MolecularMD Corporation, a West Palm Beach, Fla., molecular diagnostic company. BPV was the only investor in the financing.
Ballast Point Ventures (BPV), a venture capital firm affiliated with Raymond James Financial, Inc. (NYSE-RJF) today announced it has closed a growth equity investment in MolecularMD Corporation. BPV was the only investor in the $3 million financing which will be used to build MolecularMD’s corporate infrastructure and to expand the company’s assay portfolio.
MolecularMD, headquartered in West Palm Beach, Fla., offers state-of-the-art molecular diagnostic tests that help accelerate the clinical development and regulatory approval of targeted cancer therapies. The company’s initial suite of molecular tests were associated with the drug Gleevec™ (Novartis), a highly successful targeted therapy for the treatment of Chronic Mylogenous Luekemia (CML). MolecularMD will expand their testing menu into other active areas of targeted cancer therapy development including colon and lung cancer. The company operates a CLIA & CAP accredited clinical laboratory.
The MolecularMD scientific founders have more than 30 years of combined experience in cancer research and have developed sensitive and highly reliable molecular assays for leukemias, lymphomas and solid tumors. Sherry Snyder, the founder and CEO of MolecularMD, is also the founder of Genzyme Corporation and Upstate, Inc.
Snyder commented, “The investment and expertise provided by Ballast Point Ventures will permit accelerated growth of the company as we continue to become a market leader in the dynamic area of cancer based molecular diagnostics. Molecular diagnostic testing is expanding rapidly to accommodate the introduction of new molecular targeted therapies.”
Dick Brandewie, a managing partner of Ballast Point Ventures, will join MolecularMD’s board of directors.
“We are excited to partner with Sherry Snyder, a well-renowned entrepreneur in the biotechnology space,” said Brandewie. “Sherry has assembled a great team at MolecularMD, and we believe they will build a premier firm in the molecular diagnostics market.”
The investment in MolecularMD reflects the Ballast Point Ventures strategy of providing expansion capital to rapidly growing, well-managed companies primarily in the Southeast and Texas.
Founded in 2006, MolecularMD is a molecular diagnostics company specializing in clinical development and commercialization of state-of-the-art genomic assays to measure patient response and resistance to targeted cancer therapies. The company has over 30 years of combined experience in cancer research and has developed sensitive and highly reliable molecular assays for leukemias, lymphomas, and solid tumors. MolecularMD is headquartered in West Palm Beach, FL and has a testing laboratory located in Portland, Oregon. To learn more, contact MolecularMD at 888.663.7382 or visit the website at http://www.molecularmd.com/.
About Ballast Point Ventures
Ballast Point Ventures is a later stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services and consumer. The fund seeks to make equity investments ranging in size from $3 million to $10 million.