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Capital Royalty Partners Provides $35MM to RainDance Technologies

September 23, 2013, 07:16 AM
Filed Under: Medical

RainDance Technologies, Inc., an innovative genomics tools company enabling ultra-sensitive detection of cancer and inherited diseases, today announced it has closed a structured debt financing with Capital Royalty Partners L.P. The transaction provides RainDance with up to $35 million to support commercial expansion of the company's leading Digital PCR and Next-Generation Targeted DNA Sequencing products. This financing builds on RainDance's $20 million Series E equity financing announced in April 2013. Armentum Partners acted as financial advisors to RainDance for the debt transaction.

"RainDance has perfected its proprietary droplet technology to deliver highly sensitive, non-invasive analysis from complex biological samples, which has profound implications for human medicine," said Luke Duster at Capital Royalty. "The company has unparalleled technology, which is being rapidly adopted by industry leaders, for early detection and disease research in areas of oncology, pathogen surveillance, and inherited diseases."

This year alone, the company has:

  • Signed a multi-year supply agreement with Myriad Genetics to provide ThunderStorm systems, gene panels, reagents and consumables, which are integral to Myriad's recently launched myRisk Hereditary Cancer Panel
  • Successfully collaborated with clinical researchers to demonstrate the use of the company's RainDrop Digital PCR technology for detecting circulating tumor mutations directly from blood, urine and cerebrospinal fluid, demonstrating that cancer progression can be monitored by less-invasive techniques, with superior performance;
  • Expanded its commercial leadership with industry veterans, and by extending the company's global reach with eight new distribution partnerships to support the fast-growing Asia-Pacific market
  • Announced a new Service Partner Program for its research customers developing next-generation sequencing-based genetic research panels.

"We are proud of the important role our genetic analysis products play in the transformative work of researchers and clinical investigators," said Roopom Banerjee, President and CEO of RainDance Technologies. "Our platforms are experiencing rapid and broad market adoption in academic and translational research, as well as the industrial and applied markets. The investment from Capital Royalty enables us to significantly expand our commercial footprint, drive new product development, and accelerate expansion into new markets."

RainDance Technologies is an emerging life sciences company developing innovative products that enable more accurate, reliable, cost-effective and early detection of disease and risk predisposition in order to improve human healthcare. Today, RainDance is focused on better healthcare outcomes and lowering costs for the research, detection and treatment of cancers and inherited diseases.

Capital Royalty L.P. is a market pioneer and innovator in healthcare investing focused on intellectual property investments in approved products through structures including royalty bonds, secured debt, revenue interests and traditional royalty monetizations. Capital Royalty works directly with leading healthcare companies, research institutions and inventors to provide customized solutions to meet their unique financing needs. The value of each investment is based on the future revenue of commercialized biopharmaceutical products and medical technologies.

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