The Venture Codex

Participated · Series A · Mar 2018

Cernostics is a Pittsburgh, PA–based company advancing the TissueCypher® Barrett’s Esophagus Assay. The assay predicts risk of development of esophageal cancer in patients with Barrett’s esophagus and provides actionable information to gastroenterologists, pathologists and patients. Led by CEO Mike Hoerres, the company focuses on next‑generation cancer diagnostics and prognostics. Cernostics raised $2.5M in a Series A1 financing and has now brought total funding to $13M. The company intends to use the new funds to intensify clinical and market development studies for its assay. Backers include Illumina Ventures, UPMC Enterprises, Novitas Capital, Geisinger Health System, the Pittsburgh Life Sciences Greenhouse and Ben Franklin Technology Partners of Northeastern PA. Cernostics develops the TissueCypher™ platform, which uses digitally scanned biopsy-slide images to measure and analyze more than 13,000 features per patient sample, including multiple protein biomarkers. The platform produces individualized, actionable scores that indicate diagnosis, prognosis, or response to therapy. The company has developed a test for patients with Barrett’s Esophagus that identifies high-risk individuals who are nearly 10 times more likely to progress to esophageal cancer within five years compared with low-risk patients. Cernostics says the test could enable earlier intervention for high-risk patients and spare low-risk patients from frequent, unnecessary endoscopies and treatments. The company is led by CEO Mike Hoerres and intends to use the new funding to grow and accelerate introduction of its Barrett’s Esophagus diagnostic test. Prior investors include Geisinger, Ben Franklin Technology Partners of Northeastern Pennsylvania, and the Pittsburgh Life Sciences Greenhouse. Cernostics develops TissueCypher, a molecular diagnostic that simultaneously evaluates multiple cells and processes in a single biopsy to assess risk of progression from Barrett’s esophagus to esophageal cancer. The company is working with Geisinger Health System and collaborating with the University of Pennsylvania, University of Pittsburgh and the Academic Medical Center in Amsterdam for clinical validation. Its partnership with the Academic Medical Center provides access to one of the largest Barrett’s esophagus patient registries, which Cernostics is using alongside other data to complete validation studies. Cernostics is also applying the TissueCypher technology to develop tests for lung, breast and colon cancers. Financially, the company received a $100,000 follow-on grant from Ben Franklin Technology Partners of Northeastern Pennsylvania and previously raised a $1.4 million Series B in the third quarter last year. The Series B funding is being used to speed commercialization of its lead diagnostic. Cernostics develops TissueCipher Pathology, a diagnostic approach that combines digital imaging pathology, fluorescence biomarkers, informatics and EMR systems to predict risk of progression from Barrett’s esophagus to esophageal cancer. The company aims to speed up testing, reduce costs, improve test quality and enable individualized patient treatments, and intends to replace a current test that generates false positives and can’t detect abnormal cell structures. Cernostics is based in Danville, Pennsylvania, and formed a partnership with Geisinger Health System in 2010. Earlier this year it added two scientific advisers: Dr. John M. Inadomi of the University of Washington and Robert F. Murphy of Carnegie Mellon University. Financially, Cernostics raised $1.4 million in a recent financing and has previously received investments from Ben Franklin Technology Partners of Northeastern Pennsylvania. Cernostics has developed a systems approach to evaluating tissues via anatomic pathology that simultaneously measures immune, stromal, stem cell and tumor biomarkers on a single slide while preserving tissue structure. The company is developing molecular diagnostic and prognostic tests, including a test to predict the risk of developing esophageal cancer in patients with Barrett’s Esophagus. Cernostics intends to validate that test using biopsy specimens and clinical data from Geisinger Health System, Danville, to select and refine biomarkers and complete software development. Leadership cited in the article includes CEO Mike Hoerres and Rebecca Critchley-Thorne, Ph.D., Director of Biomarker & Diagnostic Development. The company plans additional clinical validation studies that will support commercialization of the test via Cernostics’ clinical reference laboratory. Financially, the company received a $100K loan to fund the validation work.

Participated · Series C · Jul 2012

Agile Therapeutics, Inc. announced that it secured $45 million in funding from Perceptive Advisors LLC. The company amended the terms of the transaction on March 1, 2021. Following that amendment, the transaction total stood at $45 million. Perceptive Advisors provided an additional $10 million in its fourth tranche close. The financing was completed in multiple tranches, with the fourth tranche bringing in the $10 million contribution. The announcement did not disclose instruments, operating metrics, products, prior rounds, founding year, or location. Agile Therapeutics develops transdermal contraceptive patches and proprietary Skinfusion® delivery technology for stable seven-day drug delivery and adhesion. Its lead product, AG200-15, is a once-weekly contraceptive patch for which Agile filed a New Drug Application (NDA) with the FDA and expects a response in Q1 2013. The company is also developing a progestin-only contraceptive patch, AG890. Agile intends to use the new capital to support pre-launch and launch activities for AG200-15 and to continue development of AG890. The company is led by President and CEO Al Altomari. In conjunction with the financing, Dr. Andrew Schiff of Aisling Capital joined Agile’s board. Agile Therapeutics is a late-stage pharmaceutical company focused on women’s healthcare and developing transdermal contraceptive patches. Its lead product is the AG200-15 contraceptive patch, and the company is also developing a second patch, AG1000. Agile is completing Phase 3 clinical development for AG200-15 and preparing to file for marketing approval. The company plans to advance AG1000 into Phase 2 clinical development and to develop additional pipeline products based on its SKINFUSION™ technology. Agile’s patches are being developed to provide women with a convenient and easy-to-use alternative to their current means of contraception. The company completed a $45M Series B financing to fund these development plans.

Participated · Series D · Feb 2011

Nistica supplies agile optical networking modules and has delivered thousands of its Telcordia‑certified FULL FLEDGE series wavelength selective switches to multiple customers. The company positions its products to simplify optical networks and enable colorless, directionless networks unconstrained by grids. Management is gearing up to expand manufacturing capacity and introduce a portfolio of new products aimed at simplifying optical networks. The recent financing is said to allow the company to scale without financial constraints. The company is responding to demand driven by proliferation of mobile devices and cloud computing for agile, high‑bandwidth optical modules. Nistica is based in Princeton, N.J. Nistica is a Bridgewater, NJ-based supplier of optical modules that automate and make affordable the delivery of high-bandwidth applications. Its core products are optical modules designed to simplify and lower the cost of transporting high-bandwidth traffic. The company said the new funding will enable it to introduce solutions that create "directionless networks" unconstrained by grids. Nistica closed a $6.5M Series C financing to support those efforts. The round was led by Battelle Ventures with participation from Novitas Capital, Technology Venture Partners, Fujikura and NTT Electronics Corporation. No operating metrics were disclosed in the article.

Participated · Series C · May 2010

Logical Therapeutics is a Waltham, MA-based clinical-stage biopharmaceutical company developing bio-activated prodrugs to treat inflammatory conditions such as osteoarthritis and rheumatoid arthritis. Its proprietary platform chemically modifies NSAIDs to reduce the gastrointestinal side effects commonly associated with those drugs. The company's lead compound, LT-NS001 (naproxen etemesil), is being studied in a Phase 2b/3 trial with completion expected in late 2010. Logical Therapeutics closed a $16.9m Series C equity financing to support its development program. The company will use the proceeds to advance clinical and non-clinical work necessary for regulatory registration. It is also seeking a business partner prior to commercialization.