Corporate Banner
Satellite Banner
Molecular & Clinical Diagnostics
Scientific Community
 
Become a Member | Sign in
Home>News>This Article
  News
Return

Crescendo Bioscience® Secures $28 Million in Series D Financing

Published: Friday, January 04, 2013
Last Updated: Friday, January 04, 2013
Bookmark and Share
Vectra™ DA used in more than 30,000 patients in 2012 milestone.

Crescendo Bioscience® has announced that it has completed a $28 Million Series D financing. The financing was led by Skyline Ventures and Safeguard Scientifics, Inc. and was joined by existing investors Mohr Davidow Ventures, Kleiner Perkins Caufield & Byers, aeris CAPITAL AG and others.

Ferghana Partners assisted Crescendo Bioscience in raising the Series D financing and served as its placement agent.

This round of funding will enable Crescendo to accelerate its commercialization efforts for Vectra DA, a novel test which assesses disease activity in rheumatoid arthritis patients.

“2012 was a very productive year in which we made significant investments in both the commercial and medical areas of our business,” said William A. Hagstrom, President and CEO of Crescendo Bioscience.

Hagstrom continued, “Over the last year, we expanded our field sales organization, which allowed us to increase our customer base to nearly 500 rheumatologists and significantly increase test volume to include samples from more than 30,000 patients. To facilitate this growth, we invested in laboratory infrastructure, automation and expanded web portal capabilities to better serve our clients. We also invested in expanding our medical team with rheumatology, immunology and industry expertise to drive additional studies, data generation and peer reviewed publications. With this new Series D financing and the addition of our newest investment partners, Skyline Ventures and Safeguard Scientifics, Inc., we believe that we can build on this progress and generate further momentum in our commercialization and clinical development programs. We look forward to this exciting partnership.”

Crescendo Bioscience is currently working with collaborators from leading medical institutions to improve upon the understanding of the underlying biology of RA.

Vectra DA is a precise, standardized multi-biomarker blood test validated to assess disease activity in RA. Vectra DA measures 12 immune, endothelial, bone, cartilage and metabolic biomarkers reflecting the underlying biology of RA.

Serum concentrations of the biomarkers are integrated into a proprietary algorithm that generates a disease activity score on a scale of 1 to 100.

Crescendo Bioscience is establishing long-term relationships with rheumatologists by providing objective, quantitative and replicable information to help physicians improve patient care and outcomes. All testing is performed at Crescendo Bioscience’s CLIA-certified laboratory.

“We are excited to be working with Crescendo Bioscience to build on its success,” said Leon Chen, Ph.D. at Skyline Ventures and who has joined Crescendo Bioscience’s Board of Directors.

Chen continued, “Crescendo Bioscience and Vectra DA represent not only an innovative technology in a focused market, but also have a strong business model and highly experienced management team-all critical factors in Skyline’s decision-making process to invest. We look forward to lending our expertise to help the company meet and exceed its potential.”

“Vectra DA addresses a large market with significant unmet needs and is already changing the way RA is being managed,” said Gary J. Kurtzman, MD, Managing Director, Life Sciences at Safeguard, who also joined Crescendo Bioscience’s Board of Directors.

Kurtzman continued, “Patients suffering from RA are treated by a concentrated group of only 3,500 rheumatologists who rely on a number of subjective measures to assess disease activity and response to treatment, which may lead to suboptimal outcomes. Vectra DA’s ability to provide an objective assessment addresses this opportunity head on.”


Further Information

Join For Free

Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 3,100+ scientific posters on ePosters
  • More than 4,500+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

Study Validates Use of Vectra DA Test as an Objective Measure of RA Disease Activity
Results published in Arthritis Care & Research support adoption of multi-biomarker blood test in combination with clinical assessment.
Thursday, July 12, 2012
Scientific News
Loss Of Y Chromosome Increases Risk Of Alzheimer’s
Men with blood cells that do not carry the Y chromosome are at greater risk of being diagnosed with Alzheimer’s disease. This is in addition to an increased risk of death from other causes, including many cancers. These new findings by researchers at Uppsala University could lead to a simple test to identify those at risk of developing Alzheimer’s disease.
Making Virus Sensors Cheap and Simple
Researchers at The University of Texas at Austin demonstrated the ability to detect single viruses in a solution containing murine cytomegalovirus (MCMV).
Heart Defect Prediction Technology Could Lead to Earlier, More Informed Treatment
Experimental method uses genetics-guided biomechanics, patient-specific stem cells.
Biosensor Detects Molecules Linked to Cancer, Alzheimer's and Parkinson's
Novel biosensor has been proven capable of detecting molecules associated with neurodegenerative diseases and some types of cancer.
Big Data Can Save Lives
The sharing of genetic information from millions of cancer patients around the world could be key to revolutionising cancer prevention and care, according to a leading cancer expert from Queen's University Belfast.
Fast, Simple Test for Colitis
A minimally invasive screening for ulcerative colitis using emerging infrared technology could be a rapid and cost-effective method for detecting disease that eliminates the need for biopsies and intrusive testing of the human body.
Scans Reveal Babies of Mothers with Gestational Diabetes Have More Body Fat
Researchers at Imperial College London have found that the babies born to mothers with gestational diabetes have more body fat at two months of age compared to babies born to healthy mothers.
New Device Could Improve Cancer Detection
UBC researchers develop a microfluidic device to capture circulating tumor cells.
Plasma Biomarkers for Breast Cancer Diagnosis
Plasma lipidomics profiling identified lipid biomarkers in distinguishing early-stage breast cancer from benign lesions.
Newborn Screening Test Developed For Rare, Deadly Neurological Disorder
Scientists have developed a new dried blood spot screening test for Niemann-Pick type C, with goal to speed diagnosis and treatment.
Skyscraper Banner

SELECTBIO Market Reports
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
3,100+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,500+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FOR FREE!