HAYWARD, Calif., Nov. 1, 2012 /PRNewswire/ -- Advanced Cell Diagnostics, Inc., a world leader in the field of in situ nucleic acid detection for life science research and clinical diagnostics, announced today that it has completed its $12 million Series B equity financing. New Leaf Venture Partners, a leader in healthcare technology venture investing, and the existing investor Morningside Ventures participated in the round.
Proceeds from the financing will be used to support the commercial expansion of its proprietary technology RNAscope®-based products and services into the life science research market and accelerate the entry of RNAscope into the clinical diagnostics market.
"New Leaf is excited to partner with ACD. Immunohistochemistry and FISH are well established technologies to monitor proteins and DNA respectively and each represents more than a billion dollar market today. ACD's technology is the first that we have seen which allows researchers to robustly visualize and quantify RNA in tissue. As such, we expect it to open up a large untapped market and become a mainstay in basic and translational research, while at the same time accelerating the development of advanced diagnostics," said Dr. Michael Dybbs, Principle of New Leaf Venture Partners.
"We have been most impressed by ACD's success in achieving all of its major milestones in the past four years. The RNAscope technology has proven to be a game changer in biomarker research and promises a new paradigm shift in clinical diagnostics development," said Dr. Gerald Chan, Co-Founder of Morningside Ventures.
"This oversubscribed round of financing is an important validation of the market potential of our RNAscope technology and it underscores the promise of our RNAscope-based diagnostic pipeline," said Dr. Yuling Luo, Founder, President and CEO of ACD, "We now have the resources to take ACD to the next level."
RNAscope technology is the
|SOURCE Advanced Cell Diagnostics, Inc.|
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