RareCyte Completes $30M Private Financing for Commercial Expansion of Rare Cell Detection Technology for Liquid Biopsies
Seattle, WA, August 24, 2017 – RareCyte, Inc., a global rare cell detection and liquid biopsy company will use the funding to advance its commercial sales efforts and build companion diagnostics (CDx) programs with strategic partners. The Company will also expand its regulatory infrastructure and research and development efforts. The $30M investment was led by 5AM Ventures with participation from existing investors Telegraph Hill Partners (THP), founder Ron Seubert and other investors.
In conjunction with the funding, Joe Victor (Venture Partner at 5AM Ventures and former CEO of DVS Sciences and Applied Precision) will join the company as President and CEO and continue as a board member. Current CEO Ron Seubert will transition to CTO, “I have worked with Joe for over 17 years and could not be more pleased to have him lead the company to drive commercialization and growth moving forward” said Mr. Seubert. Mr. Victor added “RareCyte has hit an inflection point for research use and CDx programs with its liquid biopsy based analysis of rare cells that provides easy access for clinical researchers. I am excited about the opportunity to have our technology adopted in labs across the world.”
Brian Daniels, MD, Venture Partner at 5AM Ventures will join the company as a board member and stated “RareCyte is uniquely positioned to identify, characterize and isolate rare cells, such as circulating tumor cells (CTC)’s, from blood or other biological samples, enabling a step change in opportunities for cancer research, clinical development and patient care”. Robert Shepler of THP, Frank Witney, and Ron Seubert will continue as company board members. Robert Shepler of THP stated, “Ron Seubert and the RareCyte team have done a remarkable job of developing extraordinary liquid biopsy technology that enables our customers to perform science that would not otherwise be possible. With the completion of the financing and the addition of Joe Victor as CEO, we are thrilled about RareCyte’s prospects as it enters its next stage of growth.”
RareCyte’s integrated rare cell platform, based on the AccuCyte® and CyteFinder® product lines, has been adopted by leading academic medical institutions and biopharma companies to advance both pre-clinical research and clinical applications. Leveraging standard microscope slides as the substrate, the platform fits into clinical lab workflows and enables the high-throughput processing of blood samples from clinical studies of all sizes. CyteFinder can analyze up to 6 biomarker channels using immunofluorescent staining to facilitate deeper analysis of rare cell phenotypes. The integrated CytePicker® retrieves single cells of interest, allowing customers to build unique phenotype and genotype datasets at the single cell level to advance their research and clinical programs.
About RareCyte, Inc.
RareCyte offers next-generation tools and reagents for the analysis and capture of rare, individual cells in blood. The company has a long pedigree in developing advanced precision life science systems used in thousands of labs worldwide. Our customers perform cutting-edge research at prestigious academic institutions, bring new therapeutics to market, and perform a wide-range of single cell applications in oncology, prenatal testing and infectious disease. For more information about RareCyte, visit www.rarecyte.com.