Myriad Genetics joins existing venture investor syndicate to support RainDance’s growth as a leading provider of genetic research technologies
LEXINGTON, Mass – April 29, 2013 – 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.
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, the Digital Biology™ Company, is pioneering the use of high-throughput picodroplet-based analysis in human health and life science research. The company’s core RainStorm™ technology generates millions of discrete droplets that can encapsulate a single molecule, cell or reaction and be digitally analyzed and sorted one at a time. The power, precision and simplicity of picodroplets enable researchers to answer complex questions with unprecedented sensitivity and quantitation. The complete RainDance solution includes automated instrumentation, customizable bioinformatics and high-value consumables and reagents for applications including targeted next-generation DNA sequencing, methylation, digital PCR. Based in Lexington, Massachusetts, the company supports scientists around the world through its international sales and support operations and a global network of distributors and service providers.
For research use only. Not for use in diagnostics procedures.
RainDance Technologies, the RainDance Technologies logo, ThunderStorm, RainDrop RainStorm and Digital Biology are trademarks of RainDance Technologies, Inc. All other brands may be trademarks of their respective holders.