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NanoString raises $20 million in Series D financing

Monday, November 7, 2011 09:52 AM

NanoString Technologies, a privately held provider of life science tools for translational research and developer of molecular diagnostics, has closed $20 million in a Series D round of equity financing. New investors include GE, BioMed Ventures and Henri Termeer, former chairman and CEO of Genzyme. All previous venture investors in NanoString also participated in the financing, including Clarus Ventures, Draper Fisher Jurvetson and OVP Venture Partners.

The proceeds of the financing will be used to continue the growth of NanoString's life science tools business, as well as advance the development of the company's first molecular diagnostic product, a breast cancer assay based on the PAM50 gene expression signature.

"This financing has brought both growth capital and a constellation of healthcare leaders into NanoString's orbit," said Brad Gray, president and CEO of NanoString Technologies. "We look forward to applying these new funds and relationships to growing the installed base for our nCounter research platform, and in parallel, advancing our molecular diagnostics program through clinical development and regulatory approval."

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