« Return to News | Awards & Advancement

Crescendo secures $56 Million in Series C financing

Wednesday, September 14, 2011 11:25 AM

Crescendo Bioscience has completed a $31 million Series C equity financing and entered into a strategic investment agreement with Myriad Genetics for $25 million, raising a total of $56 million. The Series C investment round was led by aeris CAPITAL and was joined by existing investors Mohr Davidow Ventures, Kleiner Perkins Caufield & Byers and other investors.

The $25 million investment by Myriad Genetics is non-dilutive capital that is structured as long term debt and is accompanied by a three-year option to acquire Crescendo Bioscience for cash at a predetermined multiple of revenue based on the growth rate of Crescendo Bioscience at the time of option exercise. The option allows Crescendo Bioscience to continue to operate independently and may be exercised after Crescendo Bioscience attains a minimum revenue milestone.

"This funding will help us accelerate the commercialization of Vectra DA and expand our pipeline of molecular diagnostic products for rheumatoid arthritis and other inflammatory diseases," said William A. Hagstrom, chief executive officer, Crescendo Bioscience.

Share:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

September 30

Novartis-Walgreens pilot study blurring the line between retail pharmacy, investigative site

CISCRP to launch traveling science museum exhibit to demystify clinical trial participation

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

October

New growth and decline in Asia clinical trials
South Korea, Japan, China see big growth in 1572s, while India posts huge drop

Harnessing Big Data to transform clinical trials
From protocol to patient recruiting, data analytics can yield valuable insights

Already a subscriber?
Log in to your digital subscription.

Purchase the October issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

September

Sponsors look to collaborate on comparator drugs
Co-therapies, comparators are in 60% of studies, cost $25m per company a year

Early adopters implement risk-based monitoring pilot programs
Experiments aim to offer long-term solutions, despite short-term uncertainties

Already a subscriber?
Log in to your digital subscription.

Purchase the September issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs

More Jobs

 

Copyright © 1995-2013 CenterWatch.