Cytyc completes $16 million financing.MARLBOROUGH, Mass.--(BUSINESS WIRE)--July 12, 1995--Cytyc Corp. announced today that it has successfully concluded a $16.0 million financing to support ongoing commercial growth of its products, increased manufacturing capability, and clinical research and development products designed to improve the early detection, identification and management of cancer. Patrick J. Sullivan, president of Cytyc, said "This financing will support the Company's mission to continue to expand the use and distribution of our current product, the ThinPrep(R) 2000 system, for use in non-gynecologic cytopathology applications. In addition, this financing will support successful completion of our multicenter clinical trials, completion of our Premarket Approval premarket approval Medical devices A scientific and regulatory review by the FDA to ensure the safety and effectiveness of a Class III device, before its approval for marketing. See Advisory panel, Medical device. Application for gynecologic gynecologic /gy·ne·co·log·ic/ (gi?ne-) (jin?e-kah-loj´ik) pertaining to the female reproductive tract or to gynecology. use of the ThinPrep method and continued development of the fundamental ThinPrep technology." Sullivan added, "We are very excited by the addition of several prominent venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] to our investor base and appreciate the ongoing direction and support provided by our existing investors." Founded in 1987, Cytyc Corp. develops, manufactures and markets in vitro in vitro /in vi·tro/ (in ve´tro) [L.] within a glass; observable in a test tube; in an artificial environment. in vi·tro adj. In an artificial environment outside a living organism. diagnostic devices. The Company's principal product, the ThinPrep Processor, automates and standardizes the preparation of cytologic cytological, cytologic pertaining to cytology. cytological examination examination of material for purposes of cytology. Carried out on cerebrospinal fluid, joint fluid, aspirates of body cavities and cystic lesions. samples that are employed in the screening and diagnosis of a wide variety of cancers. The ThinPrep system is currently marketed for non-gynecologic cytology cytology (sītŏl`əjē), in biology, the study of the structure of all normal and abnormal components of cells and the changes, movements, and transformations of such components. applications and has been adopted by hundreds of cytopathology laboratories in the United States as the standard for cytology specimen preparation. The Company's current clinical trials and anticipated Premarket Approval Application are in support of an alternative to the conventional Pap smear Pap smear or Papanicolaou smear Sample of cells from the vagina and cervix of the uterus for laboratory staining and examination to detect genital herpes and early-stage cancer, especially of the cervix. Developed by the Greek-born U.S. for use in the detection of cervical cancer. The Company's headquarters, research and development and manufacturing facilities are located in Marlborough, Mass. CONTACT: Cytyc Corp. Daniel Levangie or Annette Marshall 800/442-9892 |
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