EvoNexus company PhageTech closes $2.4 million Series A financing for commercialization of one- minute blood and urine test.
Funding boosts development of breakthrough biosensor technology radically simplifying disease detection
01 Oct, 2015, 10:15 ET
IRVINE, Calif., Oct. 1, 2015 /PRNewswire-USNewswire/ -- EvoNexus Irvine company PhageTech, Inc. announced that it has raised $2.4 million in Series A funding from a group of early stage investors co-led by Mark IV Capital and Black River Investments. The funding will be used to complete development and FDA clearance of its revolutionary PhageTech BioSensor™ technology.
EvoNexus is the leading startup technology incubator in Southern California with locations in San Diego and Irvine. It has the largest network of entrepreneurs, mentors, tech industry leaders, and investors in the region.
"EvoNexus is always looking for startups developing technological breakthroughs, and PhageTech's biosensor technology certainly qualifies," says EvoNexus CEO Rory Moore. "By being able to accurately detect certain types of early stage cancers and other diseases PhageTech technology will enable potential treatments that may produce better outcomes for the patient through early detection and lower healthcare costs for treatments required in later stage cancer patients." PhageTech is a great example of the partnership being formed with the University of California, Irvine, and EvoNexus.
The closest thing to a cure for cancer is early detection. PhageTech Biosensors will enable early detection of cancers and other diseases while making disease detection instantaneous, simpler, affordable, near patient and readily accessible world-wide.
CEO Richard Henson states, "Our technology enables an entire new category of near patient testing with tremendous benefits in portability, simplicity, time to result and cost over the current standard in lab- based diagnostics (e.g. sending samples out to a lab and waiting for results). The entire diagnostic test is contained in a chip the size of a postage stamp without compromising accuracy, enabling physicians to make instant treatment decisions.
"Our vision is to develop PhageTech Biosensors and readers for physicians as well as patients (e.g. through an app on a cell phone). It will especially have enormous implications for developing countries with minimal resources who are in need of simple, low cost, near patient testing. Our goal in 10 years is to touch over one billion people."
Developed with NIH funds at the University of California, Irvine, the PhageTech Biosensors will be interfaced with portable readers enabling inexpensive, quantitative, near patient testing in under one minute providing physicians with real-time valuable information for quicker diagnoses, treatment and improved patient outcomes.
PhageTech, Inc. is developing a transformative medical diagnostics platform that will enable immediate, near patient, and affordable disease testing worldwide, improving health, lowering costs and saving patient lives. Our vision is that in 10 years, we will have positively touched the lives of over a billion people.
For more information, visit http://www.phagetech.com/.
EvoNexus is a technology incubator for Southern California's startup and entrepreneurial community with locations in San Diego and Irvine. EvoNexus empowers motivated entrepreneurs to turn their transformative ideas into fundable, commercially viable companies, and leverages community resources to provide what entrepreneurs need to be successful. EvoNexus has three locations across Southern California thanks to the Irvine Company's dedication to entrepreneurship and the innovation economy.
For more information, visit http://www.evonexus.org.
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