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Skyline Ventures co-leads $28m Crescendo Bioscience financing

4 Jan 2013

Skyline Ventures and Safeguard Scientifics have led a $28m Series D financing round for molecular diagnostics company Crescendo Bioscience.

The company focuses on developing and commercialising quantitative blood tests for rheumatoid arthritis and other auto-immune system diseases.

Existing investors Mohr Davidow Ventures, Kleiner Perkins Caufield & Byers, and Aeris Capital also took part in the round, while Ferghana Partners acted as placement agent.

Crescendo said it planned to use the funding to accelerate commercialisation of its Vectra DA test, which assesses disease activity in rheumatoid arthritis patients.

Skyline Ventures’ Leon Chen, who has joined the Crescendo board of directors, said, “Crescendo Bioscience and Vectra DA represent not only an innovative technology in a focused market, but also have a strong business model and highly experienced management team—all critical factors in Skyline’s decision-making process to invest.

“We look forward to lending our expertise to help the company meet and exceed its potential.”

Skyline has previously invested in surgical device company SI Bone, which also targets arthritis with its product.

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