BioTrove, Inc. Completes a $15 Million Financing Round.WOBURN, Mass. -- BioTrove, Inc. announced today that the company has successfully completed its latest fundraising by closing an additional $7 million in an oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. round of venture capital funding. This brings the total amount raised since July 2005 to $15 million. Participating investors include Catalyst Health and Technology Partners, Echelon Ventures, Fletcher Spaght, and CB Health Ventures. The proceeds of this round will accelerate the commercialization of BioTrove's OpenArray(TM) genomics and RapidFire(TM) pharmaceutical screening products. "The investment syndicate's outstanding level of commitment reflects the progress BioTrove has made in commercializing its OpenArray(TM) and RapidFire(TM) technologies," said Joshua Phillips, Managing Director at Catalyst Health and Technology Partners and a member of BioTrove's Board of Directors. "The rapid acceptance of BioTrove's first products based on these technologies proves the tremendous value of the platforms. We are pleased to help the company continue its rapid growth." Robert H. Ellis, Chairman, President, and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BioTrove, noted "This fundraising signifies a strong endorsement of the technology and our business strategy. We have had good initial market acceptance of our OpenArray(TM) SNP SNP Scottish National Party Noun 1. SNP - (genetics) genetic variation in a DNA sequence that occurs when a single nucleotide in a genome is altered; SNPs are usually considered to be point mutations that have been evolutionarily Genotyping Genotyping refers to the process of determining the genotype of an individual with a biological assay. Current methods of doing this include PCR, DNA sequencing, and hybridization to DNA microarrays or beads. product, and we will use the new funds to expand our OpenArray(TM) platform commercialization efforts." Dr. Enrico Petrillo, General Partner of CB Health Ventures, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , said "BioTrove's development of the OpenArray(TM) plate, based on nanofluidics, represents a technology breakthrough for the genetics research and applied genomic markets." About BioTrove BioTrove offers two innovative platform technologies that dramatically increase the throughput of SNP genotyping and pharmaceutical screening. The OpenArray(TM) platform enables genomics researchers to generate up to hundreds of thousands of data points per day. The flexible format of the OpenArray(TM) plate allows researchers to adjust to their changing needs in sample and assay numbers. Additionally, the nanoliter scale of this flexible system makes high-throughput genotyping economical. RapidFire(TM) Lead Discovery enables drug developers to analyze samples using ultra high-throughput mass spectrometry mass spectrometry or mass spectroscopy Analytic technique by which chemical substances are identified by sorting gaseous ions by mass using electric and magnetic fields. in less than 8 seconds per sample. This technology enables difficult targets (lipids, fatty acids fatty acid, any of the organic carboxylic acids present in fats and oils as esters of glycerol. Molecular weights of fatty acids vary over a wide range. The carbon skeleton of any fatty acid is unbranched. Some fatty acids are saturated, i.e. , phospholipids, steroids, and prostaglandins Prostaglandins Prostaglandins are produced by the body and are responsible for inflammation features, such as swelling, pain, stiffness, redness and warmth. ) to be tested using a high-throughput, native detection method. For more information, please visit www.biotrove.com. |
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