RainDance Technologies, Inc., the Digital Biology™ Company, today 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.
“We are pleased to welcome Myriad as a strategic investor and are grateful for the continued support of our existing shareholders.”
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."
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