By E. Janene Geiss
Philadelphia, June 1 - Asuragen, Inc. said Thursday that it has secured $49 million in series A funding.
Asuragen, a spinoff of Ambion Inc., will dedicate the funds toward general operating needs and to pursue strategic licenses relating to the development of its cancer diagnostic and therapeutic programs, according to a company news release.
Telegraph Hill Partners of San Francisco led this initial round of investment. Other investors included Growth Capital Partners and other firms that have invested in Ambion.
"With this level of funding, combined with our expertise in miRNAs and pending patents, we are in a strong position to develop highly effective early cancer detection tools," Matt Winkler, found and chief executive officer of Asurgen, said in the release.
Rollie Carlson, who joins Asuragen as president from Abbott Laboratories, has extensive experience in molecular diagnostic and pharmaceutical business areas. Carlson managed the worldwide Vysis molecular diagnostic business following its acquisition by Abbott Laboratories. He also has had significant roles at Abbott as a vice president of business development and licensing to establish new pharmaceutical and diagnostic platforms.
Asuragen is a newly formed company that resulted from the sale in March of the Research Products Division of Ambion, Inc. to Applied Biosystems Group.
Asuragen, an Austin, Texas, diagnostic reagent company focused on oncology and early detection of cancer, is comprised of two of Ambion's former divisions, Diagnostics and Services, along with the formation of a new Discovery group dedicated to developing new technologies.
| Issuer: | Asurgen, Inc.
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| Issue: | Series A financing
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| Amount: | $49 million
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| Investors: | Telegraph Hill Partners (lead), Growth Capital Partners, Ambion, Inc., other investors
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| Closing date: | June 1
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