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Mass High Tech January 29, 2004
BioTrove discovers
$10.9M in venture funding Woburn-based BioTrove Inc. has completed a second closing on a B round of funding, raising $10.9 million in venture capital funding from investors Catalyst Health and Technology Partners, CB Health Ventures, Zero Stage Capital and BioFrontier Partners. The first closing of the round was for $5.25 million in November 2002. To date the company has raised $18.15 million in venture funding. According to BioTrove, the funds will be used to continue the development and commercialization of the company’s micro- and nanoscale products and services, the Living Chip and Momentum Assay Development and Screening. The Living Chip is a broadly applicable nanoliter fluidics technology platform for massively parallel and low-volume analysis of genetic, genomic, proteomic, biochemical and cellular samples. The platform combines the parallelism of microarrays with the data quality of PCR to perform genetic and genomic assays, including genotyping and RNA expression analysis. 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 generally are not pursued. “This financing will support the development and initial commercialization of our technologies,” said Robert H. Ellis, president and chief executive officer of BioTrove, in a statement. “We have already begun to commercialize Momentum and plan to launch the first application of the Living Chip in the coming months,” As part of the financing
deal. BioTrove has appointed Ben R. Bronstein, managing director at
Zero Stage Capital, to the company's board of directors. |
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