CND has raised an additional $1 million in venture funding from Top Corner Capital
Scottsdale, Arizona. , April 6, 2023 /PRNewswire/ — CND Life Sciences, a leading medical technology company developing reliable skin tests to help doctors diagnose neurodegenerative diseases such as Parkinson's disease and Lewy body dementia, today announced an initial third round of funding of $4.5 million . This follow-up round brought the company's total seed funding to $12.5 million to accelerate the commercialization of the Syn-One Test® , the first commercially available test capable of detecting abnormal alpha-synuclein aggregates via a simple skin biopsy. Many existing and new investors participated in this round, and Top Corner Capital provided a synchronous financing structure, demonstrating CND's solid progress and enthusiasm for the future.
"The Sin-One CND test represents a significant advance in providing clinicians and patients with disease-specific guidance that can provide more insight into optimal treatment and compromise decisions," said Patrick Lee , Managing Partner of Top Corner Capital. "Top Corner is constantly looking for promising and disruptive technology investments that will positively impact the lives of people around the world. We look forward to supporting CND's new and innovative approach to neuropathology testing and its continued growth."
Since 2021, CND has grown rapidly, growing the company from less than 10 employees to more than 60 employees in 2023 and expanding its talent pool across the country. The seed funding accelerates Syn-One's time to market with approximately 700 neurology customers in more than 40 states and collaborations with biopharmaceutical companies. Ongoing financial support from investors has helped expand the company's headquarters, which recently opened its global headquarters and lab in Scottsdale, Arizona in March 2023 .
“Continued investor engagement in each of our funds is critical to our growth as we bring critical diagnostic technologies to the CND market,” said Rick Morello , CEO of CND Life Sciences. "Revenue from the Seed 3 round, together with additional supporting funding from Top Corner Capital, will facilitate our continued development and expansion while positioning us for widespread adoption by neuroscience and biopharmaceutical companies."
CND develops and markets skin tests to help doctors across the country diagnose and treat neurological disorders such as Parkinson's disease, Lewy body dementia, multiple system atrophy, and peripheral neuropathy. Peer-reviewed studies show that many of these disorders have high rates of misdiagnosis, especially early in the disease process, often resulting in suboptimal treatment for patients and great frustration for caregivers and relatives. The Syn-One test is powered by licensed technology from Beth Israel Deaconess Medical Center in Boston .
Learn about CND Life Science and the Sin-One test
CND Life Sciences is dedicated to supporting the care of patients facing a possible diagnosis of neurodegenerative diseases and other neurological conditions. Operating a CLIA-accredited laboratory in Scottsdale, AZ , CND launched the Sin-One test in 2019 as the world's first commercially available test to detect, visualize, and quantify phosphorylated alpha-synuclein found in skin nerves. The test, which analyzes small skin biopsies collected from a patient in a doctor's office, helps diagnose Parkinson's disease, Lewy body dementia, dual system atrophy, purely autonomic failure, and synovial disorders, including REM sleep. With data demonstrating high sensitivity and specificity, the Sin-One test benefits from decades of published science from leading academic institutions in many countries. CND has research collaborations with several biopharmaceutical companies and has received three prestigious NIH SBIR grants to enhance the validation and clinical usability of Syn-One trials. For more information, visit www.cndlifesciences.com.
Disclosure: The research reported in this publication was supported by the National Institute of Neurological Disorders and Stroke and the National Institute on Aging (NIA) of the National Institutes of Health under grant numbers R44NS117214, R44AG076072, and R44NS127696. Its contents are solely the responsibility of the authors and do not represent the official views of the National Institutes of Health.
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Source: CND Life Sciences