Adarza BioSystems has closed a USD5 million Series B financing. Proceeds from the financing will be used to expand production capacity in its St Peters, MO manufacturing facility and launch its first immunoassay product consumable and instrument platform.
Proceeds will also be used to accelerate development of highly sensitive assays targeting a variety of biological analytes including cytokines, antigens and small molecules. Adarza’s Arrayed Imaging Reflectometry (AIR-StripTM) will bring an unprecedented combination of performance, workflow benefits with high sensitivity, broad dynamic range, precision, assay robustness to both life science and drug development researchers as well as clinical diagnostics practitioners.
Cultivation Capital Life Science Fund, Lewis and Clark Ventures and the Venture Capital Unit of Siemens lead the round. David Smoller, General Partner at Cultivation and Director of Adarza, says: “At Cultivation we are proud to have been the catalyst to this funding for Adarza. Adarza’s label-free breakthrough technology, with its massive multiplexing capabilities and simple work flow, will bring exciting and needed benefits to both the research and clinical markets. We are also, happy to have helped Adarza find its new operations hub in our community. We look forward to providing ongoing support to Adarza through the commercialisation phase of its product launch.”
Adarza Biosystems platform is set to become a paradigm shift for both its use in understanding basic biology at the research level and eventually in its applications in diagnostic testing. “We are impressed with the power of this innovative platform to accurately perform multiplex tests,” says Ralf Schnell, CEO of the Venture Capital Unit of Siemens. “This technology, with the potential ability to interrogate 100’s of molecules in a drop of blood provides the clinician or researcher a powerful tool for his or her applications. We look forward to working with Adarza management as they make an exciting journey into commercialisation.”
“Lewis and Clark Ventures believes that Adarza’s technology is an important advancement toward analysing proteins, the actual functional unit of cells, with the speed and scale at which nucleic acids are measured today,” says Brian Hopcraft, Managing Director for Lewis and Clark Ventures. “We are excited about Adarza’s success and we look forward to their growing role in the St. Louis Life Science Community. ”
