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Pathwork Diagnostics Closes $20M Financing
Date:9/4/2008

Second Round of Funding Supports Commercialization of Recently FDA-cleared

Pathwork(R) Tissue of Origin Test

SUNNYVALE, Calif., Sept. 4 /PRNewswire/ -- Pathwork Diagnostics, a molecular diagnostics company focused on oncology, announced the closing today of a $20 million financing led by Abingworth. The announcement came on the heels of FDA's clearance for the Pathwork(R) Tissue of Origin Test for diagnosis of tumors of uncertain origin, including poorly differentiated, undifferentiated and metastatic tumors.

"With this $20 million round of financing completed and the recent FDA clearance, the company is well positioned to fund important commercialization programs, including offering the Pathwork Tissue of Origin Test through an additional distribution channel, and building our pipeline," said Deborah J. Neff, President and Chief Executive Officer of Pathwork Diagnostics.

In addition to offering the Pathwork Tissue of Origin Test as a service through the CLIA-certified Pathwork Diagnostics Laboratory, FDA clearance of the in vitro diagnostic (IVD) kit version of the test will give Pathwork's customers the opportunity to purchase an IVD kit and run the test in their own labs. "Our channels to market are expanding and we are building our customer support team to provide outstanding service to our customers," said Neff. "In addition, we are investigating new applications of our technology that will enable us to offer new, breakthrough diagnostic capabilities to the oncology community."

Pathwork's lead investor, Abingworth, based in London and with local offices in Menlo Park, Calif., specializes in the life sciences and healthcare industries. "We are delighted to become an investor in this unique company," said Ken Haas, Venture Partner with Abingworth. "Molecular diagnostics is already making a significant difference in the care of cancer patients and Pathwork, with its combination of a novel and proprietary appro
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SOURCE Pathwork Diagnostics
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