Foley Hoag Congratulates Clients Safeguard Scientifics and Skyline Ventures on the Successful Financing of Crescendo Bioscience
January 4, 2013
Foley Hoag clients Safeguard Scientifics, Inc. (NYSE:SFE) and Skyline Ventures announced the closing of the $28 million Series D financing for Crescendo Bioscience, Inc., a molecular diagnostics company focused on rheumatology. Safeguard and Skyline co-led the financing, with existing investors including Mohr Davidow Ventures, Kleiner Perkins Caufield & Byers and aeris CAPITAL AG also participating in the transaction.
As legal counsel to the lead investors, Foley Hoag worked closely with the business and legal teams at Safeguard and Skyline in structuring and negotiating the principal terms and conditions of the financing, the proceeds of which will be used to accelerate Crescendo’s commercialization efforts for VectraTM DA, a novel test which assesses disease activity in rheumatoid arthritis patients.
Alex Aber, Partner and Deputy Chair of Foley Hoag’s Business Department, led the Foley Hoag team advising Safeguard and Skyline. “As in prior transactions, the team at Foley Hoag was responsive and efficient, and never lost sight of our business goals,” said Gary J. Kurtzman, MD, Managing Director, Life Sciences at Safeguard. Leon Chen, Ph.D. at Skyline Ventures added: “We were fortunate to have Alex’s good judgment and advice on this transaction.”
Crescendo Bioscience is currently working with collaborators from leading medical institutions to improve upon the understanding of the underlying biology of RA. Vectra DA is a precise, standardized multi-biomarker blood test validated to assess disease activity in RA. Vectra DA measures 12 immune, endothelial, bone, cartilage and metabolic biomarkers reflecting the underlying biology of RA. Serum concentrations of the biomarkers are integrated into a proprietary algorithm that generates a disease activity score on a scale of 1 to 100. Crescendo Bioscience is establishing long-term relationships with rheumatologists by providing objective, quantitative and replicable information to help physicians improve patient care and outcomes.
About Safeguard Scientifics
Founded in 1953 and based in Wayne, PA, Safeguard Scientifics, Inc. (NYSE:SFE) provides growth capital and operational support to entrepreneurial and innovative life sciences and technology companies. Safeguard participates in expansion financings, corporate spin-outs, management buyouts, recapitalizations, industry consolidations and early-stage financings. For more information, please visit www.safeguard.com.
About Skyline Ventures
Skyline Ventures, formed in 1997, is a nationally-known venture capital firm that specializes in investing in outstanding product-focused healthcare companies. Our areas of expertise include small molecule and protein therapeutics; medical devices; diagnostics; and technologies that facilitate drug discovery and life science research. For more information, please visit www.skylineventures.com.
About Foley Hoag LLP
Foley Hoag provides innovative, strategic legal services to public, private and government clients across the globe. We have premier capabilities in the life sciences, healthcare, technology, energy, professional services and private funds fields, and in cross-border disputes. The diverse backgrounds, perspectives and experiences of our lawyers and staff contribute to the exceptional service we deliver to clients ranging from startups to multinational companies to sovereign states. For more information, visit www.foleyhoag.com or follow @FoleyHoag on Twitter.