Advanced Cell Diagnostics raises $22 million in Series C equity financing

Proceeds Will Accelerate Commercialization and Launch of New Technology Platforms

Advanced Cell Diagnostics, Inc. (ACD), a world leader in the field of in situ nucleic acid detection for life science research and clinical diagnostics, announced today that it has raised $22 million in Series C equity financing, led by growth equity investor Summit Partners with participation from Kenson Ventures and existing investors, Morningside Ventures and New Leaf Venture Partners.

Proceeds from the financing will be used to accelerate the entry into the research and clinical diagnostics markets and launch new innovative technology platforms based on ACD's proprietary RNAscope® technology.

"ACD is a clear marker leader in in situ RNA detection, as validated by their rapid growth in revenue and strong customer base. Summit is excited to work with the company to expand its innovative products into new market sectors across the globe and to establish its RNAscope technology as a major diagnostic platform for precision medicine," said Harrison Miller, a Managing Director with Summit Partners, who will join ACD's Board of Directors.

"ACD has been on a successful trajectory since its founding. Its RNAscope technology is a game-changer and has become part of the next wave of the genomic revolution. We welcome Summit and other new investors to join the team as we move forward," said Dr. Gerald Chan, Co-Founder of Morningside Ventures.

"We are grateful for the enthusiastic responses from investors in our Series C financing round. It is a strong recognition of the potential of ACD's technology, which has already been featured in over 240 peer reviewed publications. The new funding will accelerate our pace of continued innovation and allow us to aggressively pursue our vision to bring RNAscope technologies to the forefront of precision medicine," said Dr. Yuling Luo, Founder, President and CEO of ACD, "The company is now well-capitalized to realize this vision."

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Advanced Cell Diagnostics. (2019, June 24). Advanced Cell Diagnostics raises $22 million in Series C equity financing. News-Medical. Retrieved on November 24, 2024 from https://www.news-medical.net/news/20150622/Advanced-Cell-Diagnostics-raises-2422-million-in-Series-C-equity-financing.aspx.

  • MLA

    Advanced Cell Diagnostics. "Advanced Cell Diagnostics raises $22 million in Series C equity financing". News-Medical. 24 November 2024. <https://www.news-medical.net/news/20150622/Advanced-Cell-Diagnostics-raises-2422-million-in-Series-C-equity-financing.aspx>.

  • Chicago

    Advanced Cell Diagnostics. "Advanced Cell Diagnostics raises $22 million in Series C equity financing". News-Medical. https://www.news-medical.net/news/20150622/Advanced-Cell-Diagnostics-raises-2422-million-in-Series-C-equity-financing.aspx. (accessed November 24, 2024).

  • Harvard

    Advanced Cell Diagnostics. 2019. Advanced Cell Diagnostics raises $22 million in Series C equity financing. News-Medical, viewed 24 November 2024, https://www.news-medical.net/news/20150622/Advanced-Cell-Diagnostics-raises-2422-million-in-Series-C-equity-financing.aspx.

Comments

The opinions expressed here are the views of the writer and do not necessarily reflect the views and opinions of News Medical.
Post a new comment
Post

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.

You might also like...
New ACD European subsidiary aims to provide faster, enhanced support for local customers