Friday, September 9, 2011

Crescendo Bioscience Lands $56M

South San Francisco-based Crescendo Bioscience, which develops molecular diagnostic tests for rheumatoid arthritis and other inflammatory diseases, said today that it has raised $31M in a Series C equity funding, plus a $25M strategic investment from Myriad Genetics. The Series C round was led by Aeris Capital AG, and also included Mohr Davidow Ventures, Kleiner Perkins Caufield & Byers and other investors. Crescendo Biosciences is led by William A. Hagstrom. The firm said the funding will go towards commercializing its Vectra DA product. Myriad Genetics gets a there year option to acquire Crescendo Bioscience for cash, based on a multiple of revenue and growth. More information »