Nodality Completes $15.5 Million in Financing
South San Francisco, CA, March 22, 2010Nodality, Inc., a biotechnology company focused on the development of next generation personalized medicine tests in cancer and autoimmune disease, today announced it completed financing in which the company raised $15.5 million. The round was led by Pfizer Ventures, the venture capital arm of Pfizer Inc. (NYSE: PFE), a previous investor in Nodality, and Laboratory Corporation of America Holdings (NYSE:LH), with additional participation from previous investors, including Kleiner Perkins Caulfield & Byers, TPG Biotechnology, and Maverick Capital. Proceeds from this financing will be used to support commercial activities associated with the company's launch of its first test in acute myelogenous leukemia, as well as to advance ongoing and new research and development programs in other hematologic malignancies, autoimmune diseases, and solid tumors.
“This successful financing is a testament to Nodality's potential impact and market potential in the personalized medicine arena,” stated Risa Stack, partner at Kleiner Perkins Caulfield & Byers.
“This financing is important to achieving our short-term business objectives and positioning the organization for long-term success, and we appreciate the support of our investors and strategic partners,” commented David R. Parkinson, MD, president and chief executive officer of Nodality, Inc. “We continue to focus on meeting our near-term commercial timelines, developing new tests, and expanding the market potential of Single Cell Network Profiling which we believe provides the opportunity to greatly improve patient care and outcomes as well as the drug development process.” About Nodality
Nodality is a private, South San Francisco-based biotechnology company focused on improving the development and clinical use of therapeutics in cancer and autoimmune disease through the application of its proprietary Single Cell Network Profiling technology platform. Through its ability to functionally characterize cell signaling networks at the single cell level of resolution Nodality is committed to the biological characterization of individual patients to optimally match them with biologically-targeted treatments.
About Single Cell Network ProfilingSingle Cell Network Profiling (SCNP) is a proprietary technology licensed from Stanford University to characterize cell signalling networks in patients with cancer and autoimmune diseases. SCNP, by measuring functional signaling network behavior in single cells, has several advantages over other currently used molecular technologies. These include unprecedented insight into the presence and clinical meaning of cellular heterogeneity including the importance of rare cells such as drug-resistant and stem cells. As the technology has widespread application in both preclinical and clinical drug development, Nodality is also utilizing SCNP in collaboration with drug developers to decrease the time, cost, and risks of drug development.