Company Announces Closing of Insider Round of Financing for $3 Million
PITTSBURGH, May 12 /PRNewswire/ -- Continued increasing sales of RedPath Integrated Pathology, Inc.'s PathFinderTG(R) have fueled the company's expansion and relocation into new, state-of-the-art headquarters in Pittsburgh and the growth of the company's work force which now totals 50, up from 20 a year ago. Against this backdrop, the company announced today that it has closed an insider round of financing for $3 million. The proceeds of the transaction will support the company's continued growth and expansion in the region.
The company moved into new headquarters at 2515 Liberty Avenue in Pittsburgh's historic Strip District, where it now occupies 20,000 square feet of sustainable, state-of-the-art molecular testing laboratories and high performance work environments. Built to "near-clean room" status, the laboratories were custom designed for efficient work flow and best practices in the analysis of minute patient biopsies, thus enabling the highest levels of quality and performance. RedPath is now superiorly equipped to support the company's anticipated accelerated growth. The new location also employs the latest technological advances in customized laboratory information technology, and the space itself was built upon "green building" principles that include enhanced energy efficiency and the broad use of recyclable and recycled materials.
"The good news of our relocation and financing arrangement represents much more than expansion into larger working space for our firm," said RedPath's President and CEO Mary Del Brady. "We've made a commitment to the Western Pennsylvania region, tapping its resources and growing support network within the biotechnology sector. But most importantly, these two developments mark a major milestone towards improving the way cancers are diagnosed and treated throughout America and the world."
"NewSpring Capital has been an investor in RedPath from the beginning and we are pleased to lead in this latest investment round," said Brian Murphy, Chairman of RedPath's Board of Directors and Partner in NewSpring Capital, which invests in biopharmaceutical, medical devises and healthcare services companies. "RedPath has seen significant returns on its groundbreaking work and is well-positioned to help change the way cancers are diagnosed. We are very pleased to be a part of it."
The company's PathFinderTG(R) represents a significant advance in minimally intrusive and early diagnosis of cancer. RedPath provides molecular-based testing in the majority of the country's top cancer centers, enabling oncologists, pathologists and their patients to gain meaningful results from much smaller tissue samples as they work to diagnose tumors and abnormal growths.
"A primary advantage of PathFinderTG(R) is that it makes fine needle biopsies so much more reliable that physicians and health care providers may not require more extensive and costly surgical biopsy procedures for the diagnosis and treatment of cancer," said Mary Del Brady. "Even with the small tissue samples gathered through the use of PathFinderTG(R), we have found it to be an extremely accurate and effective tool in the diagnosis of disease."
As a result of the increasing use and popularity of PathFinderTG(R) in the healthcare community, RedPath has quadrupled its sales force and expects sales to triple over the next 12 months.
About RedPath Integrated Pathology Inc.
RedPath Integrated Pathology, Inc., founded in 2004, is a national genomics-based diagnostics company that provides complex cancer diagnostic testing for pathologists, oncologists and clinicians. Its patented molecular-based analysis, PathFinderTG(R), integrates with routine pathology review of fixed slides, cytology and fluid specimens to render an earlier and more definitive diagnosis, improving patient outcomes and reducing healthcare costs. http://www.redpathip.com
|SOURCE RedPath Integrated Pathology, Inc.|
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