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News and Information Article
PITTSBURGH, Dec. 20 // -- RedPath Integrated Pathology, Inc.
reports that Seneca Health Partners, Inflexion Partners, and HMA Capital
Partners have invested in the Pittsburgh-based cancer diagnostics company
as part of RedPaths final closing of their Series A round of institutional
investment. The three venture capital companies join New Spring Capital and
CID Capital who led the first round of investment. In total, RedPath has
raised $6.5 million in outside financing within the past three months.
HealthCare Capital Advisors, Tampa, acted as placement agent and financial
advisor to the Company.
Brian G. Murphy, Partner with New Spring Capital, has stepped in as
RedPaths new Chairman of the Board. Other new board members include Peter
Kleinhenz, Managing Director of CID Capital, Inc. and Dennis Smith, MD, an
anatomic pathology industry expert and former board member of AmeriPath.
Both Mary Del Brady, President & CEO of RedPath and Barbara Handelin, Ph D,
Director of Diagnostics, DNAPrint Pharmaceuticals, remain on the Board.
RedPath Integrated Pathology is a national specialty laboratory that
provides complex cancer diagnostic testing for pathologists, oncologists
and clinicians. The company plans to use proceeds from the Series A
financing round to scale operations to market demand levels and increase
sales and marketing activities.
"We are pleased that we were not only able to exceed our financing goal
for the Series A round," said Mary Del Brady, President & CEO of RedPath,
"but that we were able to attract such seasoned and fully committed
investors. Molecular-based diagnostics is a dynamic, rapidly growing
industry with tremendous opportunities and challenges in the coming months
and years, and our investors are already hard at work helping the company
with the development of critical growth strategies. "
RedPaths patented PathFinderTG(TM) technology enables an early and
definitive diagnosis for difficult cases where cancer is suspected or pre-
cancerous conditions exist. The molecular-based analysis supports optimal
treatment planning, improves patient outcomes and reduces healthcare costs.
Currently, more than two-dozen major cancer centers use RedPaths
proprietary testing.
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