San Diego’s Accumetrics Raises $16.5M in Fifth Round of Venture Funding
Loyalty has its rewards, and in the case of San Diego’s Accumetrics, that means the company’s existing investors have just completed a fifth round of venture funding—putting another $16.5 million into the medical diagnostics company.
The Series E funding brings Accumetrics’ overall investment close to $68 million, although, as I explained in June, that includes a false start after founder Robert Hillman re-acquired the company five years after he started it. The company has been re-energized further since Timothy Still was named CEO last year.
Still sees a potential multibillion-dollar market for the company’s VerifyNow system, a blood-assay device that helps doctors quickly calibrate the right dosage for the most widely used anti-clotting drugs, including aspirin, clopidogrel (Plavix), prasugrel (Effient), and others. Because patients respond to antiplatelet medications differently, Accumetrics says doctors can use the automated diagnostic device in a quick blood test to measure a patient’s individual response to an anti-clotting drug.
Of course, it also helps to have backing from an investment syndicate that includes such prominent healthcare venture firms as Essex Woodlands Health Ventures and Kaiser Permanente Ventures. Accumetrics’ chairman Tony Arnerich, whose firm Arnerich Massena is the company’s largest investor, says in a statement released by Accumetrics, “We view the VerifyNow platform as a breakthrough technology in one of the most important remaining areas of cardio-diagnostics.” Two other firms, BBT Fund/Apothecary Capital, and RiverVest Venture Partners also returned to invest in the current round, which is expected to fully finance the company into 2011.