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Advanced Cell Diagnostics secures $12m in Series B equity financing

Advanced Cell Diagnostics, a developer of cell- and tissue-based diagnostic tests for personalized medicine, has obtained $12m in Series B equity financing round.

In the financing round, its existing investor, Morningside Ventures, and New Leaf Venture Partners have participated.

The company will use the capital to support commercialization of its proprietary technology, RNAscope-based products and services, into the life science research market and accelerate the entry into the clinical diagnostics market.

Automated RNAscope technology is a multiplex in situ hybridization platform, designed for detecting and quantifying RNA biomarkers in situ at single-molecule sensitivity.

New Leaf Venture Partners principle Michael Dybbs said immunohistochemistry and FISH are well established technologies to monitor proteins and DNA respectively.

"ACD’s technology is the first that we have seen which allows researchers to robustly visualize and quantify RNA in tissue," Dybbs added.

"As such, we expect it to open up a large untapped market and become a mainstay in basic and translational research, while at the same time accelerating the development of advanced diagnostics."

Advanced Cell Diagnostics founder, president and CEO Yuling Luo said, "This oversubscribed round of financing is an important validation of the market potential of our RNAscope technology and it underscores the promise of our RNAscope-based diagnostic pipeline."