NEW YORK (GenomeWeb News) – NanoString Technologies today said that it has raised $15.3 million in a Series E Preferred Stock round of financing.
The Seattle-based firm said the funds would be used to support expansion of its existing life sciences business and its first commercial launch in molecular diagnostics. NanoString, which offers the nCounter Analysis system for gene expression, copy number variation, and microRNA analysis, also has developed the Pam50 gene expression assay. The firm said it is focused on the US regulatory process for the assay and its launch outside of the US.
The PAM50 assay, which provides a subtype classification based on an individual's breast tumor, recently received the CE Mark. The test also provides a prognostic score that indicates probability of cancer recurrence over 10 years in post-menopausal women with hormone receptor-positive, early stage breast cancer who have been treated with hormonal therapy.
New investors in the round included Morgan Stanley Expansion Capital and AllianceBernstein Alternative Investment Management Group. Previous venture investors, including Clarus Ventures, Draper Fisher Jurvetson, OVP Venture Partners, GE healthymagination Fund, and BioMed Ventures, as well as former Genzyme Chairman and CEO Henri Termeer, also participated in the financing round.
NanoString raised $20 million a Series D financing round a little more than a year ago, and earlier this year inked a $13 million senior secured term loan and a $2 million revolving line of credit with Oxford Finance and Silicon Valley Bank.