Navigation Links
CIT GAP Funds Invests in OTraces, Inc.
Date:6/17/2008

Company offers more accurate blood tests for breast, ovarian cancers

HERNDON, Va., June 17 /PRNewswire-USNewswire/ -- The Center for Innovative Technology (CIT), a state-chartered non-profit, announced today that its GAP BioLife Fund, part of the successful GAP Family of Funds, made a $100,000 early-stage investment in OTraces, Inc., a Herndon, Va.-based company that offers more highly accurate and sensitive blood screening tests for breast and ovarian cancers.

"We are proud to receive an investment from an organization such as CIT," said Keith Lingenfelter, OTraces CEO. "This investment from the GAP BioLife Fund will allow us to secure additional resources and finalize product technology, and will help us develop future medical advancement solutions."

The current standard procedures--primarily mammography, DNA, or protein-based tests--are challenged to balance sensitivity with the problem of false positives. OTraces addresses these issues with its ultra-sensitive protein detection technology that is several hundred times more sensitive than current practices. It offers the ability to detect oncology biomarkers by using the standard Enzyme-Linked ImmunoSorbent Assay (ELISA) techniques and dramatically reducing the biological background signals which hinder the current methods.

"OTraces offers a non-invasive, unparalleled medical diagnostic solution within the high-need oncology market," Peter Jobse, CIT President and CEO said in making the announcement. "Better, faster and more accurate diagnoses leads to quicker treatments, which improves the quality of health care for everyone, and that is certainly a very good investment."

CIT GAP Funds is a family of venture funds designed to bridge the gap between "family and friends" funding and early-stage equity investments for Virginia-based technology and life science companies. CIT GAP Funds invests in seed-stage firms with a high potential for successful commercialization, rapid growth and downstream private equity financing. Based on the success of the original GAP Fund, in 2007, with an investment by Johnson & Johnson, CIT launched the GAP BioLife Fund, a specialized follow-on fund investing exclusively in life science companies.

"This investment advances health care technology and economic opportunities, as well," noted Tom Weithman, CIT GAP Funds Managing Director. "This marks the twenty-ninth investment of our GAP Funds, which have, in turn, attracted over $22 million in private equity for new Virginia companies."

Summaries of the CIT GAP Funds portfolio companies are available at http://www.citgapfund.org/portfolio/gapfundI.html.

About the Center for Innovative Technology, http://www.cit.org

CIT is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology startup companies and advanced technology consumers. CIT is now listed on the GSA MOBIS Schedule, Special Item Numbers (SINs) SIN 874-1 for Consulting Services and SIN 894-2 for Facilitation Services. Its CAGE Code is 1UP71.

CONTACT:

Hap Connors

Center for Innovative Technology

703-689-3048

hconnors@cit.org

Lindsay Hyman

Qorvis Communications

202-683-3238

lhyman@qorvis.com


'/>"/>
SOURCE Center for Innovative Technology
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. BlueCare(R) Family Plan, a HUSKY Health Plan from Anthem Blue Cross and Blue Shield in Connecticut, Raises Awareness, Funds and Diapers for New Haven Diaper Bank
2. Canadas government funds $1.6M in modern geography to support public health decisions
3. Computerized Jump Rope Raises Funds for Breast Cancer Research
4. Bally Total Fitness Emerges From Chapter 11 and Closes Transaction with Harbinger Capital Partners Funds
5. New Study Finds Medicaid Under-Funds Long Term Care by $4.4 Billion Annually
6. American Airlines 13th Annual Celebrity Golf and Tennis Weekend Will Raise Funds to Fight Breast Cancer
7. New National Medicaid Study: Minnesota Under Funds Seniors Nursing Home Care $167 Million Annually
8. Nonnis Biscotti Partners With Celebrities to Raise Funds for Breast Cancer Research
9. National Abortion Federation Denounces the Appointment of Dr. Orr to Oversee Federal Family Planning Funds
10. Procter & Gamble Products Help Raise Funds, Awareness in Fight Against Childhood Cancer
11. Doctors Applaud SCHIP Veto: Bill Supports Special Interests, Not Kids; Almost Half of Funds Go to Doctors & Seniors
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/31/2016)... ... ... The Global Wellness Summit (GWS), an annual conference for international ... travel, spa and beauty in Europe. The organization asked its partner experts in Europe ... researchers - to forecast where wellness is headed in Europe. Predictions range from European ...
(Date:5/31/2016)... IL (PRWEB) , ... May 31, 2016 , ... The ... and executive committee members: , David G. Lewallen, MD, began his term as ... past president. Michael L. Parks, MD, is OREF’s new president-elect. Richard F. Kyle, MD, ...
(Date:5/31/2016)... ... May 31, 2016 , ... In a recent interview on ... broadcast on New Rochelle, NY-based WVOX (1460 AM), leading medical insurance advocate ... calls the country’s “modern medical money maelstrom.” , During the interview with Mr. ...
(Date:5/31/2016)... , ... May 31, 2016 , ... ... apply information technology solutions to the healthcare industry, The University of Scranton is ... offers an accelerated path to a career in rapidly growing field of healthcare ...
(Date:5/30/2016)... ... May 30, 2016 , ... "This plugin comes with ... Austin - CEO of Pixel Film Studios. , TransPack Volume 7 features ... Choose from abstract transitions to more simple wipes with blur & drop shadow ...
Breaking Medicine News(10 mins):
(Date:5/31/2016)... , May 31, 2016 ... and Annotate Content From Elsevier,s ScienceDirect Database ... scientific, technical and medical information products and services, ... Berlin -based scientific collaboration platform PaperHive to enable ... over 12 million articles on ScienceDirect , ...
(Date:5/31/2016)... ZIONA, Israel , May ... regenerative medicine company utilizing its proprietary plant-based rhCollagen technology ... received authorization from the Chief Scientist of ... 50% of its NIS 12 million development project for ... measurably higher than last year,s authorized grant, which totaled ...
(Date:5/31/2016)... -- 194 Mitgliedsstaaten verpflichten sich ... viraler Hepatitis    Am 28. Mai ... Hepatitis bis 2030 zu eliminieren. Bei der ... sich die Staaten einstimmig dafür entschieden, die erste ... Strategy) zu verabschieden, was das bisher weltweit größte ...
Breaking Medicine Technology: