PITTSBURGH, Sept. 26 /PRNewswire/ -- RedPath Integrated Pathology, Inc. reports raising $4 million in the first closing of its Series A round of equity financing. NewSpring Capital, a Philadelphia-area private equity fund family with significant health care investment experience, leads this round which also includes CID Capital of Columbus, Ohio and other investors. A second close is expected within the next 30 days. RedPath is a national specialty laboratory that provides complex cancer diagnostic testing for pathologists, oncologists and clinicians involved in cancer diagnostics and treatment. RedPath is one of a small but growing field of companies that are translating the information gain from the Human Genome Project into everyday patient care through molecular-based diagnostics.
RedPath's patented PathFinderTG(TM) technology renders an early and definitive diagnosis for difficult cases where cancer is suspected or pre- cancerous conditions exist. The unequivocal diagnosis, validated with a 95% accuracy rate, helps determine treatment plans, improve patient outcomes and reduce healthcare costs. RedPath plans to use the funds raised to increase sales and marketing activities and scale operations to meet market demand. Currently, more than two-dozen major cancer centers use RedPath's molecular- based analysis.
"This is an exciting time to invest and work with RedPath," said Brian G. Murphy, Partner with NewSpring Capital. "RedPath's technology integrates and advances the intersection of pathology, molecular analysis and information sciences. We believe there is tremendous market opportunity for this unique approach to cancer diagnostics."
"We are very pleased to have the backing of NewSpring Capital, CID Capital and our other investors who bring not just financial resources to RedPath, but valuable experience and deep knowledge of our markets," said Mary Del Brady, President & CEO of RedPath Integrated Pathology, Inc. "Having reached an operating profit after just two years, we know there is enormous pent-up market demand that we will now be able to address with the added capital and assistance."
About RedPath Integrated Pathology Inc.
RedPath Integrated Pathology, Inc. is a national specialty laboratory that provides complex cancer diagnostic testing for pathologists, oncologists and clinicians. Its patented molecular-based analysis, PathFinderTG(TM), integrates with routine pathology review of fixed slides, cytology and fluid specimens to render an early and definitive diagnosis where none would otherwise exist, improving patient outcomes and reducing healthcare costs. www.redpathip.com
About NewSpring Capital
NewSpring Capital is a family of targeted private equity funds focused on healthcare, business services and information technology investing in the Mid- Atlantic region of the United States. Since the group's founding in 1999, NewSpring Capital, headquartered in King of Prussia, Pennsylvania, represents more than $250 million of capital under management. www.newspringcapital.com
About CID Capital
Founded in 1981, CID Capital has been a leading provider of equity and mezzanine capital to private companies headquartered throughout the United States. They have invested in nearly one hundred companies and in each investment have partnered with high-caliber, successful entrepreneurs and business owners. www.cidcap.com
RedPath Integrated Pathology, Inc.CONTACT: Mary Del Brady of RedPath Integrated Pathology, Inc.,+1-412-231-3600, or +1-800-495-9885
