RainDance Secures $20M, and a Believer in Myriad Genetics
RainDance Technologies always thought its droplet technology platform had the potential to attract the powerhouses of the world of genomic research. Three years after introducing its first commercial product, it has now found the big-name ally with a big sales force to support that thesis—Myriad Genetics (NASDAQ: MYGN).
The Lexington, MA-based company today not only secured a $20 million Series E financing from its existing venture investors, but also added Myriad—an entity which has a 75 percent market share of all the breast and ovarian cancer testing in the U.S.—to its stable of stockholders. Myriad participated in the round, which included previous RainDance backers Mohr Davidow Ventures, Quaker BioVentures, Alloy Ventures, Acadia Woods Partners and Sectoral Asset Management. And Myriad has done so just two weeks after signing a multi-year supply deal to use RainDance’s technology to enhance its product that takes deep-dive looks at certain regions of the genome, to find hereditary abnormalities that lead to cancer. RainDance will provide Myriad with its ThunderStorm systems, reagents, gene panels, and consumable chemicals.