NanoString Technologies

NanoString's nCounter technology is a variation on the DNA microarray and was invented and patented by Krassen Dimitrov and Dwayne Dunaway. It uses molecular "barcodes" and microscopic imaging to detect and count up to several hundred unique transcripts in one hybridization reaction.[8]

NanoString products include:

• The nCounter Analysis System: The system consists of two instruments: the Prep Station, which is an automated fluidic instrument that immobilizes CodeSet complexes for data collection, and the Digital Analyzer, which derives data by counting fluorescent barcodes. As of March 2015, 264 of these systems were installed around the world, over 50% in research institutions.[1]
• CodeSets: These are custom-made or pre-designed sets of color-coded probes pre-mixed with a set of system controls.

The original patent that is the basis for the nCounter Analysis System was invented and licensed from The Institute for Systems Biology. The business plan was written by Amber Ratcliffe and Aaron Coe and won seed funding in multiple business plan competitions.[9] NanoString was spun out of The Institute for Systems Biology and founded as a separate company in 2003 by Krassen Dimitrov, Amber Ratcliffe and Dwayne Dunaway.

In 2004, NanoString raised its first significant funding in a $4.3M series A financing. They have since raised several more rounds of financing to expand into the development of molecular diagnostics. As of 2011, NanoString Technologies had raised nearly $70M with their series D.[10]

In 2009, Perry Fell who had been CEO since 2004, left the company abruptly and with no official explanation.[11] Between 2009 and 2010 the company operated with an acting CEO, Wayne Burns.[12] Brad Gray, a former Genzyme executive, was hired as president and CEO in 2010.[12]

As of June 2010, the company was not yet profitable.[12] In an interview, Gray suggested that NanoString would begin to develop clinical diagnostics.[12] As of July, 2012, NanoString began indicating a move towards becoming a public company by hiring several senior staff with public company experience.[13] NanoString received a CE-mark designation for selling the Prosigna breast cancer prognostic gene signature assay (PAM50-based breast cancer test) in Israel and EU in September 2012, and in September 2013, NanoString received FDA 510(k) clearance for Prosigna.

In 2013, the company's IPO raised $54 million that was used to expand NanoString sales and marketing efforts. As the result, NanoString revenue has increased by 52% in 2014-2015 financial year.[1]