NORWOOD, Mass., Jan. 12 /PRNewswire/ -- Molecular Biometrics®, Inc., a metabolomics company developing novel clinical diagnostic tools for applications in personalized medicine, today announced it has completed a $12.5 million Series B financing. New investor Atlas Venture (Waltham, MA) led the round with participation from existing investors Safeguard Scientifics, Inc. (Wayne, PA), and Oxford Bioscience Partners (Boston, MA).
The financing will allow the company to accelerate the global launch of the company's lead product, ViaMetrics-E™, a rapid, non-invasive procedure that is designed to enhance in vitro fertilization (IVF) outcomes; implement manufacturing and product enhancements; and complete its ongoing FDA clinical study. ViaMetrics-E aids in the identification of viable embryos having the greatest reproductive potential, thus improving pregnancy rates in IVF, and ultimately reducing the number of embryos transferred along with the complications and healthcare costs that accompany multiple births.
"This is a very exciting time for Molecular Biometrics," said James T. Posillico, PhD, President and Chief Executive Officer, Molecular Biometrics. "We are expanding our commercial operations to support the international launch of ViaMetrics-E, while completing the necessary regulatory requirements to market the product in the United States. We believe that ViaMetrics-E will fill a large and growing unmet need in the IVF market. We are very pleased to be supported by such a strong group of investors, and we welcome their ongoing role in developing our company."
"Reducing the risk of multiple births while, at the same time, improving IVF pregnancy rates has long been a major challenge in infertility treatment. Since ViaMetrics-E can accurately identify embryos with the greatest reproductive potential, fewer embryos can be implanted while maintaining or even improving pregnancy rates. The advent of ViaMetrics-E represents a significant advancement in the IVF field," said Peter Barrett, a Partner in Atlas Venture's Life Sciences group, who will be joining the company's Board of Directors. "This new procedure can have an immediate and important impact on infertility treatment, and has already been well received by reproductive specialists worldwide."
"Molecular Biometrics' ability to generate strong interest from leading investors and leaders in the reproductive health community is further validation of this breakthrough technology," said James A. Datin, Executive Vice President and Managing Director of Safeguard Scientifics' Life Sciences Group. "We believe ViaMetrics-E meets a clear unmet medical need and is well-positioned to tap into the $4 billion global IVF market."
"The Molecular Biometrics management team and its clinical advisors are seasoned professionals, with a great depth of knowledge and experience in the reproductive health and infertility market," added Jonathan Fleming, Managing Partner of Oxford Biosciences. "The company is poised to make a significant impact with the international launch of this exciting new technology."
Duane Morris LLP represented the Company while Atlas Venture was represented by Cooley Godward Kronish LLP.
Metabolomics at Molecular Biometrics
Metabolomics is a complex scientific process that identifies and measures individual signals from many small molecular compounds produced during cellular metabolism. The company's novel technology platform creates a 'metabolomic profile' or 'fingerprint' of an embryo's potential viability, prior to possible embryo transfer in an IVF cycle. Metabolomic profiling provides a simultaneous evaluation of large numbers of biomarkers that reflect embryo development in culture media.
Molecular Biometrics developed a proprietary near infrared (NIR) biospectroscopy platform for its metabolomic applications. This technology rapidly measures the vibrational energy 'signatures' produced by small molecule functional groups, creating a unique profile of molecules that are descriptive of cellular function and viability. The signatures are further analyzed by proprietary bioinformatics, which evaluates the biological and chemical data produced by NIR biospectroscopy, using sophisticated computer and statistical techniques to distinguish between the often subtle differences that separate normal physiology from the onset or progression of disease, or an individual's response to therapeutic intervention.
About Molecular Biometrics®
Molecular Biometrics, Inc. is applying novel metabolomic technologies to develop accurate, non-invasive clinical tools for use in personalized medicine to evaluate normal biologic function in health and in disease, and for drug discovery and development. The company's proprietary technology is being applied in reproductive health, IVF and neurodegenerative disease (e.g., Parkinson's disease). Molecular Biometrics is headquartered in Norwood, MA, with research and development facilities in New Haven, CT, and Montreal, Quebec. For more information, please visit www.molecularbiometrics.com.
About Atlas Venture
Atlas Venture is a leading early-stage international venture capital firm that invests in technology and life sciences businesses in the US and Europe. Since inception in 1980, its partners have helped build over 350 companies in more than 16 different countries. In the past decade, 44 portfolio companies have been acquired and 47 are now public companies with an aggregate market capitalization of over $15 billion. Atlas Venture is currently investing from its eighth fund and manages over $2.5 billion. For more information, visit www.atlasventure.com.
About Safeguard Scientifics
Founded in 1953 and based in Wayne, PA, Safeguard Scientifics, Inc. (NYSE: SFE) provides growth capital for entrepreneurial and innovative life sciences and technology companies. Safeguard targets life sciences companies in Molecular and Point-of-Care Diagnostics, Medical Devices, Regenerative Medicine and Specialty Pharmaceuticals, and technology companies in Internet / New Media, Financial Services IT and Healthcare IT with capital requirements of up to $25 million. Safeguard participates in expansion financings, corporate spin-outs, management buyouts, recapitalizations, industry consolidations and early-stage financings. www.safeguard.com
About Oxford Bioscience Partners
Oxford Bioscience Partners (OBP), established in 1992, is a venture capital firm that provides equity financing and management assistance to emerging, entrepreneurial-driven companies within the life sciences and healthcare sectors. Experienced partners, who bring together deep domain knowledge in life sciences, have established a proven track record of identifying, validating and backing emerging trends and technologies. While willing to consider an investment in a company at almost any stage, OBP brings unique value and expertise to early-stage situations. With approximately $1B of committed capital under management, OBP has invested in over 140 life science companies worldwide, and has successfully leveraged the extensive research, operating, and financial expertise and experience of its team of investment professionals. www.oxbio.com
SOURCE Molecular Biometrics, Inc.