RainDance Technologies Inc., a Lexington-based life sciences company focused on genetic research tools, said today it has closed $20 million in a fifth round of funding.
RainDance said it will use the funding to drive global expansion of its products, including the ThunderStorm system for targeted next-generation sequencing, and the recently launched RainDrop digital PCR system for ultra-sensitive multiplexed quantitative detection of circulating nucleic acids.
The funding will also allow the company to expand its commercial operations and manufacturing capacity, including relocating its headquarters to a new facility by the middle of this year, officials said.
The company also announced that Myriad Genetics Inc. has joined as a strategic equity partner. The two companies recently announced a multi-year commercial supply agreement whereby Myriad will adopt RainDance's ThunderStorm system for targeted sequencing enrichment of Myriad's Hereditary Cancer Panel.
As part of the agreement, RainDance will supply Myriad with ThunderStorm systems, gene panels, consumables and reagents, officials said.
All existing venture investors participated in the funding round, including Mohr Davidow Ventures, Quaker BioVentures, Alloy Ventures, Acadia Woods Partners and Sectoral Asset Management.
RainDance focuses on genetic research in cancer and inherited diseases, and its customers include more than 70 translational, genetic and commercial laboratories worldwide, officials said.
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