A Valley company that develops medical diagnostics for neurodegenerative diseases has raised a new round of funding following the recent opening of its Scottsdale headquarters.
CND Life Sciences closed a $4.5 million seed round of equity financing with participation by a group of several new and existing investors, including San Francisco-based Cambrian Partners and Tanis Ventures of New York.
The new infusion of funding is the third phase of a seed round initiated in 2021.
CND Life Sciences will use proceeds from the follow-on seed round to accelerate commercialization of its Syn-One test, which looks for abnormal proteins indicating the presence of neurodegenerative diseases, such as dementia with Lewy bodies, REM sleep behavior disorder and Parkinson’s disease.
"Having consistently engaged investors through each of our financings has been an essential component to our growth as we bring CND's important diagnostic technology to market," Rick Morello, CEO of CND Life Sciences, said in a statement. "Proceeds from the seed three round, including the helpful add-on of financing from Top Corner Capital, will facilitate our continued development and expansion while positioning us for wide adoption by neurologists and biopharmaceutical companies alike."
The company also raised an additional $1 million in venture capital funding from Top Corner Capital, which provided a "concurrent financing vehicle," according to a company announcement.
CND Life Sciences' Syn-One test represents a breakthrough in providing clinicians and patients with a "definitive proof of disease that optimizes treatment and decision-making," Patrick Lee, managing partner of Top Corner Capital, said in a statement.
"Top Corner is constantly looking for promising and disruptive technology investments that will positively impact the lives of people around the world,” Lee said.
CND Life Sciences opens Scottsdale HQ
The fresh infusion of capital follows the recent opening of CND Life Sciences’ global headquarters, which was prompted by rising demand for testing and research, the company told the Business Journal last month.
CND Life Sciences is leasing 15,000 square feet of space for its new global headquarters at 9165 E. Del Camino Drive, Suite 101 in the Pima Center. The company also occupies a suite for administrative and logistics operations nearby at 9105 E. Del Camino Drive.
The company was previously based at 5070 N. 40th St. in Phoenix.
The company's new headquarters houses a commercial laboratory where it processes biopsies from its diagnostic test kits, in addition to a research and development laboratory where staff conducts projects for CND Life Sciences and other biopharmaceutical companies, Morello said.
CND has grown to more than 60 employees, including pathologists, lab technicians and scientists. The company’s diagnostic test kits are utilized by 700 neurologists nationwide.
CND Life Sciences was founded in 2017 by three neurologists: Todd Levine, Christopher Gibbons and Roy Freeman. The company received three grants from the National Institute on Aging, which is part of the National Institutes of Health to further its technology and research.
CND Life Sciences’ recent seed round and venture capital financing from Top Corner Capital brings its total amount raised to date to $13.5 million. The company’s past investors include Honor Health, FFF Enterprises as well as angel investors Andy Rapkin and Peter Harris, who is also the company’s board chair.
