ST. PETERSBURG, FL – Ballast Point Ventures has invested $3 million in MolecularMD Corp., a company developing diagnostic tests to accelerate regulatory approval of targeted cancer therapies.

Ballast Point, a venture capital firm affiliated with Raymond James Financial, was the only investor in the financing.

The money will be used to build the company’s corporate infrastructure and expand its assay portfolio.

MolecularMD, headquartered in West Palm Beach, FL, offers state-of-the-art molecular diagnostic tests that help accelerate the clinical development and regulatory approval of targeted cancer therapies.

The company’s initial suite of molecular tests were associated with the drug Gleevec (Novartis), a highly successful targeted therapy for the treatment of Chronic Mylogenous Luekemia.

Founded in 2006, MolecularMD will expand its testing menu into other active areas of targeted cancer therapy development including colon and lung cancer. The company operates a CLIA & CAP accredited clinical laboratory.

The MolecularMD scientific founders have more than 30 years of combined experience in cancer research and have developed sensitive and highly reliable molecular assays for leukemias, lymphomas and solid tumors.

Sherry Snyder, the founder and CEO of MolecularMD, is also the founder of Genzyme Corp. and Upstate Inc.

Dick Brandewie, a managing partner of Ballast Point Ventures, will join MolecularMD’s board of directors.

Online: www.molecularmd.com; www.ballastpointventures.com

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