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Providence-Based NABsys, Inc., Announces $4 Million Equity Financing
Date:5/5/2009

PROVIDENCE, R.I., May 5 /PRNewswire/ -- NABsys, Inc., the pioneer in electronic, solid-state DNA sequencing, announced today that it has closed a $4 million equity round led by Point Judith Capital. Slater Technology Fund and other previous investors also participated in the round. The proceeds will be used to further develop NABsys' proprietary DNA sequencing platform.

"The NABsys approach combines the advantages of electronic detection, solid-state fabrication, and the ability to directly obtain long-range sequence information," said Point Judith Capital General Partner Gina Raimondo. "We believe this will be a game-changing technology in the field of genomics." Dr. Raimondo will be joining the NABsys Board of Directors.

Historically, DNA sequencing technologies have used optical detection, have depended on enzymes known as polymerases, and have not been compatible with solid-state fabrication technology. As a result, whole-genome DNA sequencing has remained far too expensive, slow, and inaccurate to be used in clinical care. NABsys' electronic, solid-state approach overcomes these limitations.

"The technological advantages that the NABsys platform enjoys, namely electronic detection, the use of all solid-state materials, lack of dependence on a polymerase, inherent error checking, and long-range sequence information, will allow the technology to offer clinically relevant cost, speed, and accuracy parameters for whole-genome sequencing," said NABsys President and CEO Barrett Bready, M.D.

Based on technology developed at and licensed from Brown University, the NABsys DNA sequencing platform combines physical and biochemical methods. It detects electronically the positions of hybridized DNA probes and then uses highly developed algorithms to accurately reconstruct the DNA sequence.

About NABsys, Inc.

NABsys is a life sciences company working at the i
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SOURCE NABsys, Inc.
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