NEW YORK (GenomeWeb News) – RainDance Technologies said today that it has closed a $20 million Series E financing round and that Myriad Genetics has joined as a new strategic equity investor.
RainDance and Myriad earlier this month announced a multi-year commercial supply agreement under which Myriad has adopted RainDance's ThunderStorm system for targeted sequencing enrichment in a next-generation sequencing-based hereditary cancer panel that Myriad is developing.
All existing venture investors in RainDance, including Mohr Davidow Ventures, Quaker BioVentures, Alloy Ventures, Acadia Woods Partners, and Sectoral Asset Management, participated in the Series E round.
Lexington, Mass.-based RainDance said it will use the proceeds to drive global expansion of its products, including the ThunderStorm system and 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, and to relocate its headquarters to a new facility in mid-2013, RainDance said.
"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," Bill Ericson, general partner at Mohr Davidow Ventures and a member of the RainDance board of directors, said in a statement.