Press Release.
Second Round of Funding Supports Commercialization of Recently FDA-cleared Pathwork® Tissue of Origin Test
SUNNYVALE, Calif. — Pathwork Diagnostics, a molecular diagnostics company focused on oncology, announced the closing today of a $20 million financing led by Abingworth. The announcement came on the heels of FDA’s clearance for the Pathwork® Tissue of Origin Test for diagnosis of tumors of uncertain origin, including poorly differentiated, undifferentiated and metastatic tumors.
”With this $20 million round of financing completed and the recent FDA clearance, the company is well positioned to fund important commercialization programs, including offering the Pathwork Tissue of Origin Test through an additional distribution channel, and building our pipeline,”
said Deborah J. Neff, President and Chief Executive Officer of Pathwork Diagnostics.
In addition to offering the Pathwork Tissue of Origin Test as a service through the CLIA-certified Pathwork Diagnostics Laboratory, FDA clearance of the in vitro diagnostic (IVD) kit version of the test will give Pathwork’s customers the opportunity to purchase an IVD kit and run the test in their own labs.
“Our channels to market are expanding and we are building our customer support team to provide outstanding service to our customers,” said Neff. “In addition, we are investigating new applications of our technology that will enable us to offer new, breakthrough diagnostic capabilities to the oncology community.”
Pathwork’s lead investor, Abingworth, based in London and with local offices in Menlo Park, Calif., specializes in the life sciences and healthcare industries.
“We are delighted to become an investor in this unique company,” said Ken Haas, Venture Partner with Abingworth. “Molecular diagnostics is already making a significant difference in the care of cancer patients and Pathwork, with its combination of a novel and proprietary approach, a validated test available through two commercial channels and a broadly applicable platform, is poised to be a leader in this field.”
Abingworth joins the existing investors participating in this round, including Prospect Venture Partners, Advent Venture Partners, Novus Ventures, Venrock and Versant Ventures.
“Completing this successful financing in the current economy, with well-respected investment firms is a strong vote of confidence in our technology and commercialization strategy”
said Neff.
About Pathwork Diagnostics
Pathwork Diagnostics, Inc., based in Sunnyvale, Calif., develops and commercializes high-value molecular diagnostics for oncology. The company delivers FDA-cleared, microarray-based tests to clinical laboratories and also provides diagnostic tests through its CLIA-certified laboratory. The company’s initial tests utilize Pathwork Diagnostics’ proprietary analytics and a companion Pathchip® microarray, which runs on the proven Affymetrix GeneChip® System. The company’s first test – the Pathwork Tissue of Origin Test – is now FDA-cleared as an in vitro diagnostic kit. A functionally equivalent version of the test is also available through Pathwork® Diagnostics Laboratory. The test aids in determining a tumor’s origin so that standard-of-care, cancer-specific treatment can begin. For more information, please call toll-free 1.877.808.0006 or visit www.pathworkdx.com.
© 2008 Pathwork Diagnostics, Inc. All rights reserved. Pathwork, Pathchip, Pathwork Diagnostics, and the Pathwork Diagnostics logo are trademarks or registered trademarks of Pathwork Diagnostics, Inc. Other names may be the trademarks of their respective owners.
