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12/20/2006

Predictive Biosciences Raises $10 Million in Series A Funding

Predictive Biosciences, a pioneer in developing diagnostic products for informed cancer management, announced recently it has secured $10 Million in Series A financing. Highland Capital Partners and IDG Ventures Boston co-led the investment in the company, which was jointly founded by the investors, leading entrepreneurs and internationally renowned scientists.

“Cancer is the second-leading cause of death in the United States resulting in more than 500,000 deaths per year,” said Michael Greeley, general partner, IDG Ventures. “With current approaches to screening, diagnosing, monitoring and predicting cancer being inconsistent and often painful to patients, we believe great value exists in developing diagnostic products that provide doctors and patients with more reliable results and convenient methods. Predictive Biosciences’ products enable physicians to provide patients with timelier, personalized cancer treatment, which will result in improved patient outcomes and lower healthcare costs. We are thrilled to back the commercialization of revolutionary biomarkers from the labs of Dr. Marsha Moses and Dr. Bruce Zetter, world class scientists and senior principal investigators in the Children’s Hospital Boston Vascular Biology Program, whose director is Dr. Judah Folkman.”

Predictive Biosciences also announced that Tony Shuber, former Executive Vice President and Chief Technology Officer for EXACT Sciences, has joined the company as Chief Technology Officer.

“With more than two decades of highly successful research, development and commercialization experience in diagnostics and applied genomics, we are very excited and fortunate to have Tony join Predictive Biosciences as our new Chief Technology Officer,” said Paul Maeder, managing general partner, Highland Capital Partners. “We backed Tony as part of the early EXACT team and his tremendous track record in commercializing products from concept to launch will be a huge asset to the company as it looks to boost overall scientific efforts and build its research and development team.”

Tony joins Predictive Biosciences Co-founder and Vice President of Business Development, Eugene Chiu, and Chief Financial Officer, Bob Crane.

“Predictive Biosciences is leading a new era in molecular diagnostics and personalized medicine,” said Eugene Chiu, co-founder of Predictive Biosciences. “We have an extensive proprietary and in-licensed IP portfolio from Children’s Hospital Boston and its collaborating institutions, Beth Israel Deaconess Medical Center and Massachusetts General Hospital. With this exceptional scientific foundation, outstanding scientific founders, and an experienced team, Predictive Biosciences has attracted substantial initial funding to build breakthrough products for significant commercial opportunities.”

Predictive Biosciences is developing proprietary biomarker and assay technology for highly accurate, patient-friendly, real-time cancer diagnostics. The company is focused on validating and demonstrating the superior clinical utility of its protein biomarkers and developing products for commercialization across multiple cancer types. Predictive Biosciences was co-founded in 2006 by Marsha A. Moses, Ph.D., Bruce R. Zetter, Ph.D., Eugene Chiu, Highland Capital Partners and IDG Ventures Boston.

For more information, please visit: www.predictivebiosci.com