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 commercialization." 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 BioTrove, Inc. 781-721-3632 Pcarroll@biotrove.com Barbara Askjaer Feinstein Kean Healthcare 617-761-6759 Barbara.Askjaer@fkhealth.com
SOURCE BioTrove, Inc.