PrimeraDx Inc., a Mansfield, Mass.-based molecular diagnostics company, has raised $20 million in Series C funding. CHL Medical Partners led the round, and was joined by return backers Abingworth, InterWest Partners, Malaysian Technology Development Corporation, MPM Capital, Burrill & Co. and the Invus Group.
PrimeraDx, Inc., a privately held molecular diagnostics company, announced today that it has closed on its $20 million Series C financing. The financing was led by CHL Medical Partners and also included significant participation by many of the Company’s existing investors; Abingworth, InterWest Partners, Malaysian Technology Development Corporation, MPM Capital, Burrill & Company and the Invus Group.
“We are very excited to welcome CHL Medical Partners into the Company and we appreciate the very strong support of our existing investors. Our ability to attract new capital in this difficult economic climate is a clear endorsement of our technology, the markets that we will soon address, and the talent and the dedication of all of PrimeraDx’s employees.” said Martin L. Verhoef, President and Chief Executive Officer of PrimeraDx, Inc. “We will use this funding for the continued commercialization of our technology, including the advancement of our regulatory strategy and the broadening of quantitative, multiplexed assay menu to run on our ICEPlex system”
”PrimeraDx is an excellent investment opportunity. The Company addresses key needs in the growing Molecular Diagnostics market and is positioned to dominate the quantitative multiplexing segment. We are pleased to participate in the Company”, commented Ronald Lennox, Partner at CHL Medical Partners.
PrimeraDx’s new Board of Directors will continue to be led by Laurence McCarthy as Executive Chairman and will include Martin Verhoef, President and CEO; Ronald Lennox, CHL Medical Partners, Vincent Miles, Abingworth; Nina Kjellson, InterWest Partners; Norhalim Yunus, Malaysian Technology Development Corporation and Robert Rosenthal, President and CEO of Magellan Biosciences, Inc.
PrimeraDx is dedicated to the fast growing field of molecular diagnostics. The Company is developing a unique automated platform for quantitative multiplexed and cost effective assays using its proprietary STAR technology implemented on the ICEPlex instrument. The integrated platform provides a cost effective, “walk-away” work flow for laboratories. The Company’s initial products are for infectious disease management. PrimeraDx plans to extend its focus into oncology to support personalized cancer therapy management through diagnostic, prognostic, staging and therapeutic monitoring.
About CHL Medical Partners
CHL Medical Partners is a premier venture capital firm dedicated to partnering with entrepreneurs and inventors to create and finance innovative biotechnology, molecular diagnostic, healthcare service and medical device companies. Our team is well-known among industry observers and healthcare investment professionals for identifying and validating visionary scientific ideas and healthcare service models and then creating businesses with extraordinary market potential around these breakthrough concepts. Collectively, we have invested in and grown more than 80 start-ups, establishing a notable track record of building prominent companies with products and services that significantly improve patient care. We are currently investing from our sixth fund, the $120 million CHL Medical Partners III, L.P.