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.