Agendia raises EUR 16.6 million (USD 23 million) in series E financing
HUNTINGTON BEACH, CA, and AMSTERDAM, THE NETHERLANDS - Agendia, a world leader in molecular cancer diagnostics, today announced the successful closing of a EUR 16.6 million (USD 23 million) Series E investment. The round was subscribed by an international syndicate of both new and existing investors and is the largest private placement in the Benelux healthcare technology sector in 2009. Agendia focuses on the development and commercialization of diagnostic tests using tumor gene expression profiling. Agendia was the first company to commercialize a prognostic test - MammaPrint ®- that predicts the risk of breast cancer recurrence. The success of this financing round was fueled by MammaPrint®'s increasing U.S. demand, as well as growing reimbursement from private U.S. payors. The proceeds will be used to accelerate the commercialization of MammaPrint® in the U.S. market.
Agendia focuses on the development and commercialization of diagnostic tests using tumor gene expression profiling. Agendia was the first company to commercialize a prognostic test - MammaPrint ®- that predicts the risk of breast cancer recurrence.
MammaPrint® is the first 'in vitro diagnostic multivariate index assay' (IVDMIA) cleared by the U.S. Food and Drug Administration (FDA). FDA clearance requires clinical and analytical validation and reporting systems to ensure patient safety issues are addressed. Highly accurate, MammaPrint identifies patients with early metastasis-patients who are likely to develop metastases within five years following surgery. Several authoritative studies have shown that chemotherapy particularly reduces early metastasis risk. In planning treatment, the MammaPrint test results provide doctors with a clear rationale to assess the benefit of chemotherapy in addition to other clinical information and pathology tests.
All MammaPrint tests are conducted in Agendia's CLIA-accredited service laboratory. Breast cancer recurrence assays currently marketed by other manufacturers have not been subject to the rigorous FDA clearance process.
Agendia maintains close ties with several leading academic centers to develop state of the art diagnostic tests for cancer. Agendia also offers its expertise to pharma companies focusing on development of highly effective personalized drugs in the area of oncology. The Company was awarded the 2008 North American Oncology Clinical Diagnostics Healthcare Innovation Award by Frost & Sullivan. Agendia is based in Huntington Beach, California, and in Amsterdam, The Netherlands. For more information on Agendia, please visit www.agendia.com.
About Gilde Healthcare Partners
Gilde Healthcare Partners founded in 2000 is headquartered in Utrecht, the Netherlands with representatives in London and Madrid. Gilde Healthcare Partners has over EUR 275 million under management and is actively looking to lead new investments in therapeutics, diagnostics, medical devices and enabling technologies. Gilde is a successful builder of healthcare businesses across Europe. By investing in companies with clear achievable business models, Gilde has used its financial resources and network to create significant value for both its investors and the entrepreneurs it backs.
Gilde acted as founding investor of Agendia in 2004. Companies that Gilde Healthcare Partners has pro-actively supported span all aspects of healthcare and include Ablynx (Belgium), Acacia (UK), Agendia (Netherlands), AMT (Netherlands), Ascendis (Denmark), BG Medicine (US), Chroma Therapeutics (UK), Conatus (US), Flowcardia (US), Glycart (Switzerland), Innate Pharma (France), Pieris (Germany), Santaris (Denmark) and Symphogen (Denmark). More information about Gilde at www.gildehealthcare.nl.