WOBURN, Mass., April 15 /PRNewswire/ -- BioTrove, Inc. today announced
that the Company has successfully completed a $13.7 million round of
financing, closing a second traunch of an oversubscribed round for
$2.8 million. The first traunch closed at $10.9 million. Catalyst Health and
Technology Partners led the round, supported by new investors Echelon Ventures
and Fletcher Spaght. Original investors from the first traunch include CB
Health Ventures, Zero Stage Capital and BioFrontier Partners. The funds will
be used to accelerate commercialization of BioTrove's micro- and nano-scale
products and services, the Living Chip(TM) and Momentum(TM) Assay Development
and Screening, respectively. The Company will also use the funds to support
construction of a 10,000 sq. ft. manufacturing facility.
"BioTrove is well poised to truly accelerate commercialization," noted
Joshua Phillips, Managing Director at Catalyst Health and Technology Partners
and a member of BioTrove's Board of Directors. "With the recent announcement
of the Living Chip's SNP genotyping application coupled with Momentum's
initial pharmaceutical contract, BioTrove is moving into the next phase of
BioTrove's first commercial application based on the Living Chip platform
is the SNP genotyping chip, which enables the analysis of 10s to 1,000s of
SNPs at 25nl reaction volumes, providing researchers with flexibility
regarding the numbers of SNPs and samples to analyze.
"The Company has put into place a very sound commercial strategy that will
result in a number of product applications scheduled to roll out within the
next year," commented Dr. Enrico Petrillo, General Partner of CB Health
Ventures, LLC. "Our seasoned management team, validated product platforms and
funding have all played key roles in BioTrove's success."
About the Living Chip(TM)
The Living Chip is a broadly applicable nano-liter fluidics technology
platform for massively parallel and low-volume analysis of genetic, genomic,
proteomic, biochemical and cellular samples. The platform uniquely combines
the parallelism of microarrays with the data quality of PCR to perform genetic
and genomic assays, including genotyping and RNA expression analysis.
About Momentum(TM) Assay Development and Screening
Momentum Assay Development and Screening is a patent-protected, ultra
high-throughput mass spectrometry service that enables microliter-scale
functional assay development and screening of challenging targets with
promising biology that are generally not pursued. In the interest of
accelerating discovery, companies often choose to forego many highly promising
targets, because of the complexity in developing screening assays around such
targets. Momentum dissolves this bottleneck, transforming the drug discovery
process by providing assay development and screening for these targets.
About BioTrove, Inc.
BioTrove, Inc. is a biotechnology company focused on advancing life
science and drug discovery research by leveraging revolutionary micro- and
nano-scale technologies. BioTrove has two core platforms: the Living Chip(TM),
a broadly applicable nano-liter fluidics technology platform for massively
parallel and low-volume analysis of genetic, genomic, proteomic, biochemical
and cellular samples and Momentum(TM) Assay Development and Screening, an
assay development and high throughput screening service that unlocks the value
of intractable drug targets. For more information on BioTrove, please visit
the company's Web site at www.biotrove.com.
For information contact:
Patrick T. Carroll
Feinstein Kean Healthcare
SOURCE BioTrove, Inc.