Navigation Links
Primera Biosystems Raises $21 Million in Series B Private Round
Date:1/8/2008

MANSFIELD, Massachusetts, January 8 /PRNewswire/ -- Primera Biosystems, Inc., an emerging molecular diagnostics company with assay programs in infectious disease and oncology, announced today that it has closed on $21 million of Series B financing led by Abingworth and joined by Interwest Partners. Existing investors Malaysian Technology Development Corporation (MTDC), MPM Capital, Burrill & Company and the Invus Group also participated in the round.

"Primera plans to use this financing to complete development of our instrument system, reagent kits for disease-specific clinical research, future diagnostic tests as well as support ongoing research and development efforts," said Martin L. Verhoef, President and Chief Executive Officer of Primera Biosystems, Inc. "With help from our new and existing investors, we will stay ahead of the field by developing molecular diagnostics that have significant impact on patient management and deliver real benefits for doctors, patients and payers."

Primera is developing a proprietary nucleic acid analysis system, "STAR" (Scalable Target Amplification Routine), that combines in a single bench-top system the best features of quantitative real-time PCR with - true multiplexing of 60 or more targets. By increasing throughput and lowering costs -- while maintaining accuracy and quantification -- the STAR system has the potential to become the premier next generation real-time PCR platform for use in clinical development and diagnostics. The technology was invented by Vladimir Slepnev Ph.D., Primera's Chief Scientific Officer and co-founder. The technology can be applied for gene expression, DNA/RNA analysis, micro RNA analysis, mutation analysis and methylated DNA analysis. The Company's first test leveraging STAR is ViraQuant(TM), a market-ready assay for the simultaneous quantitative measurement of multiple viral agents that cause infections in immune compromised patients. A multiplex fungal test will follow. These assays will permit rapid, efficient and quantitative measurement of pathogens and will help choose the appropriate therapeutic intervention, taking treatment from empirical therapy to complete and personalized medicine. Primera plans to commercialize its STAR platform and assay reagents to hospital and reference laboratories that service the relevant clinical populations, and will seek future regulatory approval.

"Multiplex molecular assays are becoming extremely important for the practice of medicine," said Vincent J. Miles, Ph.D, Venture Partner with Abingworth. "We believe that Primera's ingenious technology represents the most viable solution for highly multiplexed quantitative real-time PCR, the gold standard for accurate results in molecular diagnostic tests, and will have a major impact on testing procedures in the company's target markets."

Primera's new Board of Directors will be led by Laurence McCarthy as Executive Chairman and will include Martin Verhoef, President and CEO; Michael Bigham and Vincent Miles, Abingworth; Nina Kjellson, Interwest; Azlin Alias, Malaysian Technology Development Corporation and Kazumi Shiosaki (co-founder), MPM Capital.

About Abingworth

Abingworth is an investment firm dedicated to the life sciences sector on both sides of the Atlantic. The company invests across all stages of development, including early-stage as well as public companies. Abingworth has provided backing for more than 100 unquoted life science businesses. Over 70% of these have gone public or have merged or been acquired. Abingworth has funds under management of more than $1.25 billion. Founded in 1973, Abingworth has offices in London, Cambridge (UK), Menlo Park (California) and Boston. More information can be found at http://www.abingworth.com.

About InterWest Partners

Investing since 1979, InterWest Partners is a leading diversified venture capital firm currently investing InterWest IX, a $600 million fund. With more than $2B in capital under management, InterWest takes a long-term collaborative approach to venture funding, providing early-stage and ongoing capital, management development and access to a broad network of resources. More information can be found at http://www.interwest.com

About MTDC

Technology Development Corporation (MTDC) is the leading integrated venture capital (VC) solutions provider in Malaysia. It is an agency under the Ministry of Science, Technology and Innovation (MOSTI) and its majority shareholder is Khazanah Nasional Berhad, the Malaysian government investment arm. MTDC was incorporated on March 1992 with the focus on commercializing research results of universities/research institutions, identifying and transferring emerging and strategic technologies for adoption by industries, and encouraging the growth of technology-based enterprises in Malaysia. As an integrated VC company, MTDC provides services to individuals, entrepreneurs and companies in the areas of technology financing/funding, technology grants, technology incubators and value-added consultancy. These services form the core of MTDC's activities to create, nurture and promote Malaysian technology companies in strategic thrust areas. More information can be found at http://www.mtdc.com.my.


'/>"/>
SOURCE Primera Biosystems, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Ciphergen Biosystems Receives Noncompliance Letter From The Nasdaq Stock Market
2. Sigma-Aldrich and Oxford BioMedica Win Key Ruling in Open Biosystems Patent Infringement Dispute
3. Pearl Therapeutics Raises $15.5 Million in Private Financing
4. Enobia Pharma Raises $40.1 Million Series B Financing
5. Cardiosolutions Raises $7 Million for Spacer Technology to Mitigate Mitral Regurgitation
6. MannKind Corporation Raises $250 Million in Self Managed Registered Direct Offerings of Common Stock
7. VisEn Medical Raises $7 Million in Series B Financing
8. Thermo Fisher Scientific Reports Record Third Quarter Revenues and Adjusted EPS and Raises Full-Year Guidance
9. Gen-Probe Reports Strong Financial Results for Third Quarter 2007, Raises Full-Year Guidance for Earnings Per Share and Total Revenues
10. Antibody Engineering Company f-star Raises EUR 3.0 Million in a Second Closing of its Series A Financing Round From Novo A/S
11. Perrigo Announces Final FDA Approval of Dexcels OTC Omeprazole; Raises Full Year Earnings Guidance
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/11/2017)... ... October 11, 2017 , ... Singh ... orphan drug designation to SBT-100, its novel anti-STAT3 (Signal Transducer and Activator of ... SBT-100 is able to cross the cell membrane and bind intracellular STAT3 and ...
(Date:10/10/2017)... 2017 International research firm Parks Associates announced today ... the TMA 2017 Annual Meeting , October 11 in ... home security market and how smart safety and security products impact the ... Parks Associates: Smart Home Devices: ... "The residential security market has experienced ...
(Date:10/9/2017)... Jupiter, FL (PRWEB) , ... October 09, 2017 , ... ... episode, scheduled to broadcast first quarter 2018. American Farmer airs Tuesdays at 8:30aET on ... Agriculture industry is faced with the challenge of how to continue to feed a ...
(Date:10/7/2017)... ... October 06, 2017 , ... ... launched its ProxiMeta™ Hi-C metagenome deconvolution product, featuring the first commercially available ... bioinformatics software to perform Hi-C metagenome deconvolution using their own facilities, supplementing ...
Breaking Biology Technology:
(Date:8/15/2017)... HAMPTON, Va. , Aug. 15 2017   ivWatch LLC ... effectiveness of intravenous (IV) therapy, today announced receipt of its ISO ... (QMS) developed by the International Organization for Standardization (ISO®). ... ivWatch Model 400 Continuous Monitoring device for ... "This ...
(Date:5/23/2017)... -- Hunova, the first robotic gym for the rehabilitation and functional motor sense ... Genoa, Italy . The first 30 robots will be available ... USA . The technology was developed and patented at the IIT ... Movendo Technology thanks to a 10 million euro investment from entrepreneur Sergio ... ...
(Date:4/19/2017)... April 19, 2017 The global ... landscape is marked by the presence of several large ... held by five major players - 3M Cogent, NEC ... accounted for nearly 61% of the global military biometric ... in the global military biometrics market boast global presence, ...
Breaking Biology News(10 mins):