NanoString? Technologies Closes $30 million Series C Financing to Accelerate the Commercialization of its Leading Expression Profiling Products
SEATTLE, Wash | June 9, 2009 - (BUSINESS WIRE)—NanoString Technologies, a privately held life sciences company advancing best-in-class technologies for expression profiling, announced today that it has closed a $30 million Series C equity financing. This financing, structured in two tranches, will allow NanoString Technologies to accelerate the commercialization of the nCounter™ Analysis System in the research tools and diagnostics arenas.
The round was led by Clarus Ventures, a global life sciences venture capital firm, and was joined by existing investors OVP Venture Partners and Draper Fisher Jurvetson. In connection with the financing Nicholas Galakatos, co-founder and Managing Director of Clarus Ventures will join the NanoString Technologies’ Board of Directors.
“We believe that NanoString Technologies has the best-in-class platform for expression profiling. Their uniquely user-friendly technology that does not require sample purification or use of PCR constitutes a breakthrough in the field, as evidenced by the excitement of the scientific community towards their products. We are delighted to be part of the success of this emerging leader” said Dr. Galakatos.
“Completion of this financing in this tough economic environment is an important validation of the differentiation of the NanoString technology platform, the success with key customers and the insight and determination of Clarus Ventures and our other investors. Our products have received tremendous interest from commercial and clinical researchers in a relatively short amount of time. The new funds will fuel our growth in manufacturing and product development and enhance our commercialization capabilities” said Wayne Burns, CFO and Acting CEO of NanoString Technologies.
About NanoString Technologies, Inc.
NanoString Technologies is a life sciences tool company that is commercializing a novel and uniquely user-friendly technology for characterizing and quantifying expression profiles in complex biological samples. For more information, please visit us at www.nanostring.com.
About Clarus Ventures
Clarus Ventures is a life sciences venture capital firm founded by a team of accomplished investment professionals with extensive and complementary industry backgrounds which have enabled them to establish a long history of success in creating value. Their deep relationships with world thought leaders and decision makers allow this team to identify unique investment opportunities and shepherd them to maturity. Clarus augments its core expertise of investing in biopharmaceuticals and medical technology companies with the deep and diverse expertise of the team in research and development, commercialization, business development and operations management at the global level. Clarus has $1.2 billion of assets under management across two life sciences dedicated funds.
About Draper Fisher Jurvetson
DFJ's mission is to identify, serve, and provide capital for extraordinary entrepreneurs anywhere who are determined to change the world. Since its founding in 1985, DFJ has been proud to back over 500 companies across many sectors including such industry changing successes such as Hotmail (acquired by MSFT), Baidu (BIDU), Skype (acquired by EBAY), United Online (UNTD), Overture (acquired by YHOO), Athenahealth (ATHN), EnerNOC (ENOC), TicketsNow (acquired by TicketMaster), Feedburner (acquired by Google), Interwoven (IWOV), Four11 (acquired by YHOO), Parametric (PMTC), and Digidesign (acquired by AVID). DFJ has offices located in the United States, China and India.
About OVP Venture Partners
For 26 years, OVP Venture Partners has led the drive into new, high-growth technology markets in the Pacific Northwest. OVP makes early stage investments in cleantech, digital biology and information technology. The firms’ record of 52 liquidity events – including 22 IPOs – leads the region. OVP has over $750 million in capital under management and is currently investing its seventh fund. The firm has offices in Seattle, WA and Portland, OR. More information on the partnership is available at www.ovp.com.
Clarus Ventures: Nick Galakatos 617-949-2200
NanoString Technologies: Lianne McLean, VP Marketing, 650-570-6266