RareCyte® Secures $24M Financing to Advance the Orion™ Spatial Biology Platform and Expand Global Commercial Channels
Seattle, WA, September 9, 2021 – RareCyte, Inc. (“RareCyte” or “the Company”) a Life Sciences company developing and manufacturing proprietary platforms enabling precision biology solutions, announced today the completion of a $24M financing from new and existing investors. The funding will drive the commercialization and applications for the Company’s new Orion spatial biology platform and further global expansion for the Company’s portfolio of instruments and consumables.
Arboretum Ventures led the financing joined by other new investors F-Prime Capital, Logos Capital, and Agilent Technologies. Existing investors participating in the financing included HealthQuest Capital, 5AM Ventures, and Company founder Ron Seubert.
Jan Garfinkle, Arboretum Managing Partner, joined the RareCyte Board of Directors and commented “we are excited to partner with the RareCyte management team and existing investors to enable next generation applications for research and clinical markets”.
Robert Weisskoff, Ph.D., Partner at F-Prime Capital also joined the Board of Directors and added “the new Orion spatial biology platform coupled with the existing RareCyte portfolio of precision biology solutions will provide important new capabilities for researchers and clinicians to advance critical application areas such as immuno-oncology”.
“We are thrilled to have Arboretum Ventures lead this new funding round; They will be a valuable addition to our group of investors due to their healthcare expertise in translational/diagnostic markets” said Joe Victor, RareCyte President and CEO. “This funding will allow RareCyte to fast-track important new applications and capabilities for our Orion spatial biology platform and accelerate the expansion of global sales and marketing channels for all of our products including our latest tissue and liquid biopsy applications”.
The Orion platform was first shipped to early adopter sites in 2020 with production currently increasing at the Company’s Seattle-based headquarters. An AACR 2021 annual meeting poster co-authored by Professors Peter Sorger, Ph.D., and Sandro Santagata, M.D. Ph.D., and by members of their research team at the Laboratory of Systems Pharmacology at Harvard Medical School stated, “Orion promises to accelerate discovery of predictive and prognostic markers, pharmacodynamics of I/O drugs and, clinically actionable diagnostic tests”. RareCyte, Sorger and Santagata are co-funded by the NCI to develop Orion technology for immuno-oncology applications.
About RareCyte, Inc.
RareCyte offers Precision Biology™ solutions focused on multiplexed analysis of cells and tissue with applications in both research and clinical diagnostics. The Company has deep experience in developing advanced precision life science systems used in cutting-edge labs worldwide. RareCyte customers perform innovative research, bring new therapeutics to market, and perform a wide range of single cell applications in oncology and disease research.
For Research Use Only. Not for use in diagnostic procedures.
For more information about RareCyte, visit www.rarecyte.com.
Media Contact: media@rarecyte.com