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Great Basin Scientific, Inc. Raises $3.6 Million in Bridge Funding to Prepare for Launch of First Product
Date:6/17/2009

SALT LAKE CITY, June 17 /PRNewswire/ -- Great Basin Scientific, Inc., a privately held life sciences company developing novel, point-of-care molecular diagnostic solutions, today announced it has closed $3.6 million in bridge funding to support the company through 2009 and the launch of its first product, pending FDA 510(k) clearance in December. Returning investors participated in the funding round.

"With this round of financing we have secured all the funding needed for our entrance into the market as the second generation of diagnostic testing, a disruptive technology platform that promises accurate, point-of-care results and comes at a lower cost than the industry standard," said Ryan Ashton, president and CEO, Great Basin Scientific.

Successful Pre-clinical Study Completed

As part of the preparation for an August clinical trial for its first test- a 50 minute diagnostic test for Methicillin resistant Staphylococcus aureus (MRSA) from a positive blood culture, Great Basin Scientific is leading several pre-clinical studies. The company conducted a successful feasibility study last spring as it successfully characterized 132 retrospective samples from study collaborators at Children's Memorial Hospital in Chicago and Denver Health Hospital. Testing was performed at Great Basin Scientific's lab in Longmont, Colo.

"The results of the pre-clinical study completely met our expectations and keep us right on track as we approach clinical trials," said Rob Jenison, Great Basin Scientific's chief technology officer and vice president of development.

Beginning as early as mid-July, several major hospitals will serve as beta-testing sites for Great Basin Scientific's point of care molecular platform. During beta-testing, clinicians will test the analyzers and provide feedback on process flow and functionality. The testing will serve as preparation for the clinical trials scheduled to begin in August.

Future tests beyond hospital-acquired infections (HAIs)

In addition to its first product for MRSA testing, the company is also developing tests for Group B Streptococcus - the most common cause of sepsis and meningitis in newborns, and Human Papilloma Virus (HPV), the most common sexually transmitted infection of which certain types can lead to cervical cancer.

Great Basin Scientific's technology has several advantages over the traditional Polymerase Chain Reaction (PCR) method that requires the skills of highly-trained technicians and often times multiple rooms to avoid cross contamination of tests. Its automated, highly-sensitive, easy-to-use integrated cartridge system can be performed in a CLIA-rated moderately complex or waived laboratory, and will give healthcare providers and their patients the benefit of point-of-care test results within a 20 - 60 minute time frame at costs much lower than current molecular solutions. Other benefits include the ability to test for 32 distinct targets in a single assay and no batching of tests required.

About Great Basin Scientific

Great Basin Scientific, Inc. is a privately held life sciences company that commercializes breakthrough technologies for the molecular, rapid diagnostic testing market. The company is dedicated to development of simple yet powerful point-of-care technology and products that improve automation, throughput, scalability, reliability and ease of use of rapid diagnostic testing for point-of-care settings such as physician's office labs, small-medium hospital labs and other moderately complex laboratory facilities.

The company was founded in 2003 by David Ward, Ph.D., deputy director of the Nevada Cancer Institute, formerly of Yale University of Medicine, and Anthony R. Torres, M.D., senior scientist and director of the Immunogenetics Laboratory, Utah State University.

More information can be found on the company's Web site at www.gbscience.com.


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SOURCE Great Basin Scientific, Inc.
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