Myriad Genetics joins existing venture investor syndicate to support RainDance’s growth as a leading provider of genetic research technologies.
RainDance CEO Roopom Banerjee said, "due to accelerating growth and customer adoption of our genetic research products" it is more than doubling its current space and tripling its manufacturing capacity in its move from Lexington to Billerica. Banerjee is pictured here with his executive team. From left: Roch Kelly (SVP, Operations), Darren Link (co-founder VP R&D), Laura, Deming (SVP, Product Development), Andy Watson (Chief Commercial Officer), Rose Villandry (VP, HR), and Banerjee.
RainDance Technologies, Inc., the Digital Biology™ Company, announced the closing of a $20 million Series E financing round. The company also announced that Myriad Genetics, Inc. (Nasdaq: MYGN) has joined as a new strategic equity investor. The two companies recently announced a multi-year commercial supply agreement whereby Myriad has adopted RainDance’s ThunderStorm™ system for targeted sequencing enrichment of Myriad’s Hereditary Cancer Panel. As part of the agreement, RainDance will supply Myriad with ThunderStorm systems, gene panels, consumables and reagents.
All existing venture investors in RainDance participated in the Series E round including Mohr Davidow Ventures, Quaker BioVentures, Alloy Ventures, Acadia Woods Partners, and Sectoral Asset Management. RainDance will use the proceeds of this financing to drive global expansion of its products: the ThunderStorm system for targeted next-generation sequencing, and the recently launched RainDrop™ digital PCR system for ultra-sensitive multiplexed quantitative detection of circulating nucleic acids. In addition, the financing enables the company to substantially expand its commercial operations and manufacturing capacity, including relocation of the company headquarters to a new facility in mid-2013.
“We are seeing a significant acceleration in customer adoption and commercial growth, and these funds will carry the company through several value inflection milestones in the coming year,” said Roopom Banerjee, President and CEO of RainDance Technologies. “We are pleased to welcome Myriad as a strategic investor and are grateful for the continued support of our existing shareholders.”
“RainDance’s strong team and innovative products are delivering tremendous growth, and all the investors are excited by the company’s recent successes,” said Bill Ericson, General Partner at Mohr Davidow Ventures and a member of the RainDance board of directors. “Myriad’s strategic investment validates RainDance as an emerging leader in genetics research, positioning the company to build substantial value in the new era of personalized diagnostic medicine.”
RainDance has an innovative portfolio of genetic research tools used by customers for the early detection and monitoring of complex diseases more accurately, reliably, and cost-effectively. The company focuses on genetic research in cancer and inherited diseases, and its customers include more than 70 leading translational, genetic and commercial laboratories worldwide. For more information, please visit www.RainDanceTech.com.
About RainDance Technologies
RainDance Technologies is a leading life sciences company developing innovative products that enable more accurate, reliable, cost-effective and early detection of disease and predisposition risk in order to improve human healthcare. Today, RainDance is focused on better healthcare outcomes and lowering costs for the research, diagnosis and treatment of cancers and inherited diseases. The company’s innovative RainStorm™ digital droplet technology powers next-generation sequencing and genetic testing systems that deliver dramatically superior performance, cost, interpretability, and ease of use. RainDance systems are used routinely in major academic research institutions, clinical genetics laboratories, and hospitals around the world. Based in Lexington, Massachusetts, the company supports customers through its international sales and service operations as well as a global network of distributors and commercial service providers. For more information, please visit www.RainDanceTech.com.