Advanced Cell Diagnostics raises $22 million USD in latest round of financing

Advanced Cell Diagnostics (ACD) have raised a further $22 million in Series C equity financing, with proceeds to be used to accelerate their entry into the research and clinical diagnostics markets, enabling ACD to launch new innovative technology platforms based on their proprietary RNAscope® technology.

ACD’s RNAscope represents a major technological advance in in-situ RNA detection. This patented, groundbreaking platform is the first to enable robust single RNA molecule detection in routine formalin-fixed, paraffin-embedded (FFPE) clinical specimens. RNAscope provides rich molecular and morphological information in a single assay to maximize the clinical utility of RNA biomarkers. This is especially true in cancer diagnostics due to the significant intra-tumor heterogeneity and the complex involvement of the tumor microenvironment in tumor growth and therapeutic response. Since its commercialization over four years ago, RNAscope has seen rapid adoption across the globe by all major pharma/biotech companies and leading academic institutions for drug target validation, translational research, and the development of clinical diagnostics and companion diagnostic tests.

The most recent round of financing was led by equity investor Summit Partners with participation from Kenson Ventures and existing investors, Morningside Ventures and New Leaf Venture Partners.

“ACD is a clear marker leader in in situ RNA detection, as validated by their rapid growth in revenue and strong customer base. Summit is excited to work with the company to expand its innovative products into new market sectors across the globe and to establish its RNAscope technology as a major diagnostic platform for precision medicine,” said Harrison Miller, a Managing Director with Summit Partners, who will join ACD’s Board of Directors.

“ACD has been on a successful trajectory since its founding. Its RNAscope technology is a game-changer and has become part of the next wave of the genomic revolution. We welcome Summit and other new investors to join the team as we move forward,” said Dr. Gerald Chan, Co-Founder of Morningside Ventures.

“We are grateful for the enthusiastic responses from investors in our Series C financing round. It is a strong recognition of the potential of ACD’s technology, which has already been featured in over 240 peer reviewed publications. The new funding will accelerate our pace of continued innovation and allow us to aggressively pursue our vision to bring RNAscope technologies to the forefront of precision medicine,” said Dr. Yuling Luo, Founder, President and CEO of ACD, “The company is now well-capitalized to realize this vision.”

Read ACD Bio’s full press release here.

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