BioTrove, Inc. Secures $10.9 Million to Continue the Development and Commercialization of Novel Nano-Scale Drug Discovery Solutions.Business Editors/Health/Medical Writers BIOWIRE2K WOBURN, Mass.--(BUSINESS WIRE)--Jan. 29, 2004 Ben R. Bronstein, M.D., of Zero Stage Capital Appointed to Board of Directors BioTrove, Inc. today announced that the company has successfully raised $10.9 million in venture capital funding. The investors supporting the financing include Catalyst Health and Technology Partners, CB Health Ventures, Zero Stage Capital and BioFrontier Partners. The funds will be used to continue the development and commercialization of the Company's micro- and nano-scale products and services, the Living Chip(TM) and Momentum(TM) Assay Development and Screening. "In 2003, BioTrove made significant strides towards developing enabling tools for genomics and proteomics," said Joshua Phillips, Managing Director at Catalyst Health and Technology Partners and a member of BioTrove's Board of Directors. "This progress, along with the appointment of Robert Ellis Robert Ellis is the name of: Historical Persons
The Living Chip is a broadly applicable nano-liter fluidics fluidics, branch of engineering and technology concerned with the development of equivalents of various electronic circuits using movements of fluid rather than movements of electric charge. technology platform for massively parallel See MPP. and low-volume analysis of genetic, genomic, proteomic, biochemical and cellular samples. The platform uniquely combines the parallelism of microarrays with the data quality of PCR PCR polymerase chain reaction. PCR abbr. polymerase chain reaction Polymerase chain reaction (PCR) to perform genetic and genomic assays, including genotyping and RNA RNA: see nucleic acid. RNA in full ribonucleic acid One of the two main types of nucleic acid (the other being DNA), which functions in cellular protein synthesis in all living cells and replaces DNA as the carrier of genetic expression analysis. Momentum Assay Development and Screening is a patent-protected, 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. service that enables microliter-scale functional assay development and screening of challenging targets with promising biology that are generally not pursued. In the interest of accelerating discovery, companies often choose to forego many highly promising targets, because of the complexity in developing screening assays around such targets. Momentum dissolves this bottleneck, transforming the drug discovery process by providing assay development and screening for these targets. "This financing will support the development and initial commercialization of our technologies. We have already begun to commercialize Momentum and plan to launch the first application of the Living Chip in the coming months," said Robert H. Ellis, President and CEO of BioTrove. Concurrent with the financing, BioTrove has appointed Ben R. Bronstein, M.D., Managing Director at Zero Stage Capital, to the Company's Board of Directors. At Zero Stage, Dr. Bronstein is responsible for the firm's life sciences investments and works closely with portfolio companies through all stages of development. He has held senior executive positions with various biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. , including interim CEO for Spherics spher·ics 1 n. (used with a sing. verb) 1. Spherical geometry. 2. Spherical trigonometry. , Inc., co-founder, President and CEO of Peptimmune, Inc. and Vice President of Medical Affairs and Medical Director of BioSurface Technology, Inc., which was acquired by Genzyme Corporation shortly after its initial public offering. In addition to serving as a director on the boards of privately held life sciences companies, Dr. Bronstein is a board member of Rhode Island's Slater Center for Biomedical Technology. He began his career on the staff of the Massachusetts General Hospital Massachusetts General Hospital Health care The major teaching hospital for Harvard Medical School, widely regarded as one of the best health care centers in the world and was on the faculty of Harvard Medical School Harvard Medical School (HMS) is one of the graduate schools of Harvard University. It is a prestigious American medical school located in the Longwood Medical Area of the Mission Hill neighborhood of Boston, Massachusetts. . Dr. Bronstein holds an AB in biology (magna cum laude), an MD and an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration (with high honors), all from Boston University. Mr. Ellis added, "Dr. Bronstein brings a wealth of biotechnology and life sciences experience to BioTrove. We look forward to his guidance as we advance the development of our technologies and begin commercializing our first products." About BioTrove, Inc. BioTrove, Inc. is a privately held biotechnology company focused on leveraging revolutionary micro- and nano-scale engineering solutions to overcome current bottlenecks in pharmaceutical drug discovery and biotechnology. BioTrove has two core platforms: the Living Chip(TM), which is a broadly applicable nano-liter fluidics technology platform for massively parallel and low-volume analysis of genetic, genomic, proteomic, biochemical and cellular samples and Momentum(TM) Assay Development and Screening technology, which is a patent-protected, ultra high-throughput mass spectrometry service that enables microliter-scale functional assay development and screening of challenging targets with promising biology that are generally not pursued. For more information on BioTrove, please visit the company's Web site at www.biotrove.com. |
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