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Expansion and Relocation to New, State-Of-The-Art Facilities Marks Milestone in Effort to Roll Out New Tool for Cancer Diagnosis
Date:5/12/2008

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 invest
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SOURCE RedPath Integrated Pathology, Inc.
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