RareCyte Secures $22 Million in Funding to Accelerate Global Commercialization of Its Biopsy Platform

VCBeat (WeChat ID: vcbeat) has learned that on December 19, 2019, local time, RareCyte, a life sciences company specializing in liquid and tissue biopsy analysis platforms with a focus on rare cell detection, announced the completion of a $22 million financing round. The round was led by HealthQuest Capital, with participation from 5AM Ventures and the company’s founder, Ron Seubert. The proceeds will be used to drive the global sales expansion of its instrument and consumables platforms for research and clinical markets.

It is reported that RareCyte has recently expanded its product portfolio to include the CyteFinder II platform in its flagship offerings. In addition to basic liquid biopsy applications, the CyteFinder II platform supports high-parameter whole-slide tissue analysis. This technology now enables high-resolution multiplexed tissue imaging.

“We are delighted to have this new financing round led by HealthQuest Capital, whose team’s medical expertise and ecosystem will provide valuable insights and support to our investor community,” said Joe Victor, President and Chief Executive Officer of RareCyte. “This funding will enable RareCyte to accelerate our global sales and marketing efforts to promote applications for our new tissue multiplexing platform. It will also facilitate the timely launch of our new liquid biopsy assays.”

David Kabakoff, Ph.D., a partner at HealthQuest Capital and a seasoned expert in the life sciences industry, has joined the Board of Directors of RareCyte. He commented, “HealthQuest Capital is committed to helping transformative healthcare companies like RareCyte grow. RareCyte’s differentiated integrated platform can be effectively applied to both liquid biopsies and tissue samples, and will expand next-generation precision medicine applications across numerous life science market segments.”

Andy Schwab, Managing Partner at 5AM Ventures, has also joined the Board of Directors of RareCyte, adding, “RareCyte has validated its rare single-cell platform with R&D companies and biopharmaceutical clients, demonstrating its utility for a wide range of liquid biopsy assays. These products, along with recently released applications, will serve as catalysts for advancing the field. RareCyte is well-positioned for scale-up, and we are pleased to welcome HealthQuest Capital to the investor group.”

(Compiled by Ning Chen)