CND Life Sciences Closes Series Seed 3 Round, Reaches $12.5 Million in Total Equity Raised

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Apr 06, 2023, 08:00 ET

CND raised an additional $1 million in venture financing from Top Corner Capital

SCOTTSDALE, Ariz., April 6, 2023 /PRNewswire/ -- CND Life Sciences, a medical technology company pioneering the development of reliable skin-based tests to help clinicians diagnose neurodegenerative disorders like Parkinson's disease and dementia with Lewy bodies, today announced the closing of a $4.5 million Series Seed 3 equity financing round. This follow-on round brings the Company's total Seed financing to $12.5 million to continue accelerating the commercialization of the Syn-One Test^®, the first commercially available test that can identify abnormal alpha-synuclein aggregation through a simple skin biopsy. Several existing investors as well as new investors participated in the round, and Top Corner Capital provided a concurrent financing vehicle, demonstrating enthusiasm for CND's strong progress and future.

"CND's Syn-One Test represents a breakthrough in providing clinicians and patients with definitive, pathological proof of disease that can allow for more optimal treatment and shared decision-making," 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 novel and innovative approach to neurological disease testing and its continued growth."

Since 2021, CND has experienced rapid growth, taking the Company from fewer than 10 employees to over 60 in 2023 and expanding its talent pool across the country. Seed financing has also accelerated the commercialization of Syn-One with nearly 700 neurologist clinician customers in over 40 states and collaborations with biopharmaceutical companies. The ongoing financial support of investors has also contributed to the expansion of the Company's headquarters, with the recent opening of its global headquarters and labs in Scottsdale, AZ in March 2023.

"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," said Rick Morello, CEO of CND Life Sciences. "Proceeds from the Seed 3 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."

CND develops and commercializes skin-based tests to help clinicians across the country accurately diagnose and treat neurologic disorders such as Parkinson's disease, dementia with Lewy bodies, multiple system atrophy, and peripheral neuropathies. Peer-reviewed studies indicate that many of these disorders have high rates of misdiagnosis particularly early in the disease process, often leading to sub-optimal treatment for patients and significant frustration for family caregivers. The Syn-One Test is supported by technology licensed from Beth Israel Deaconess Medical Center in Boston.

About CND Life Sciences and the Syn-One Test
CND Life Sciences is dedicated to supporting the care of patients facing the potential diagnosis of a neurodegenerative disease and other neurological conditions. Operating a CLIA-certified laboratory in Scottsdale, Arizona, CND launched the Syn-One Test in 2019 as the world's first commercially available test to detect, visualize, and quantify phosphorylated alpha-synuclein located in cutaneous nerves. The test, which analyzes small skin biopsies collected from the patient in a physician's office, aids in the diagnosis of a synucleinopathy including Parkinson's disease, dementia with Lewy bodies, multiple system atrophy, pure autonomic failure, and REM sleep behavior disorder. With data demonstrating high sensitivity and specificity, the Syn-One Test leverages a decade of published science from leading academic institutions in multiple countries. CND has research collaborations with multiple biopharmaceutical companies and has been awarded three prestigious NIH SBIR grants to advance the validation and clinical utility of its Syn-One Test. For more information visit www.cndlifesciences.com.

Disclosure: 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 Award Numbers R44NS117214, R44AG076072, and R44NS127696. The content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health.

SOURCE CND Life Sciences