September 21, 2009
Based in Mansfield, Massachusetts, molecular diagnostics company; PrimeraDx announced today that it has closed $20 million in series C funding, which was led by CHL Medical Partners. Other investors who participated in this round of funding include the company’s existing investors, who are Abingworth, InterWest Partners, Malaysian Technology Development Corporation, MPM Capital, Burrill & Company, and the Invus Group.
PrimeraDx is a company who is in the growing molecular biological medical industry, and the company has an amazing ability to attract many investors. The main focus of PrimeraDx is in the field of molecular diagnostics to help physicians and clinicians diagnose many kinds of serious diseases. The success in PimeraDx is its unique platform, which is automated and designed to be multiplexed and cost effective. Furthermore, these tests can be very accurate and the whole platform is based on PrimeraDx’s proprietary technology, STAR Technology, which is employed with the ICEPlex instrument.
The STAR Technology is actually short for Scaleable Target Amplification Routine, and it is a new method to test the nucleic acids of several different cells at the same time. This new technology is based on an innovative technology that is PCR and CE. PCR is an acronym for Polymerase Chain Reaction and CE is short for Capillary Electrophoresis. The way that STAR Technology works is that it targets the nucleic acid of multiple cells and the targeted acids are then monitored by taking a sample of the PCR reaction and during the cycle, this technology separates and quantifies the PCR products by the CE.
According to PrimeraDx’s president and CEO, Martin L. Verhoef; the company is very excited to welcome CHL Medical Partners aboard. The fact that PrimeraDx is able to attract as many investors as it has validates that its revolutionary STAR technology can disrupt the marketplace. Mr. Verhoef further added that proceeds from this round of funding will go to continue the commercializing of PrimeraDx’s proprietary technology. The funding will also advance regulatory strategy and broaden the quantitive multiplex test menu to run the company’s IcePLEX system.
According to Richard Lennox, partner at CHL Medical Partners; PrimeraDx is a superb investment opportunity. There are many unmet needs in the molecular diagnostics industry, and PrimeraDx seems to be meeting these needs. Furthermore, there are some crucial needs that are not met in this particular industry and PrimeraDx seems to be meeting those needs with great success.
CHL Medical Partners is a world-class vc firm that seeks both entrepreneurs and inventors who are working on innovative technologies for the molecular diagnostic, healthcare, and medical devices industries. Currently the vc firm has over $120 million under its management in its sixth fund. Some other companies in CHL’s portfolio include Still River Systems, Valeritas, Medicus Insurance Company, Fidelis Seniorcare, SemperCare, and others.
For more information about PrimeraDx, click here.