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MICROPROBE RECEIVES $2.9 MILLION INVESTMENT

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        MICROPROBE RECEIVES $2.9 MILLION INVESTMENT
    GARDEN GROVE, Calif., Nov. 18 /PRNewswire/ -- MicroProbe Corp., a biomedical company focused on delivering DNA probe technologies for practical use in medicine, today announced that it has raised $2.9 million in an additional round of financing from a group of investors led by Olympic Venture Partners and its affiliates.
    Other participants in the latest round of financing include Quixote Corp. and Hill Carman, Kirby & Washing, previous investors in MicroProbe.  In addition, Sanderling Ventures; Batterson, Johnson & Wang; and G&G Diagnostic Funds, L.P. and several individuals are new investors in the company.
    According to John L. Bishop, MicroProbe's chairman and chief executive officer, the funds will be used to complete development and begin marketing and sales of the company's DNA probe-based diagnostic products.
    DNA probes are comprised of synthetic DNA subunits called oligonucleotides that are designed to bind to a single strand of target DNA unique to a specific organism.  DNA probes are ideal diagnostic reagents because of their high hybridization specificity, low cost, precisely known sequence and chemical structure.
    MicroProbe is developing diagnostic systems initially to detect pathogens associated with vaginitis and periodontitis, and will compete in the infectious-disease testing segment of the in vitro diagnostics market.  This segment is projected to grow at an annual rate of 14.8 percent, representing about $2.3 billion in worldwide sales by 1994.  Microprobe estimates the U.S. market for this segment will grow to $1.2 billion by 1994.
    Founded in 1985 and based in Garden Grove, MicroProbe Corp. is commercializing synthetic DNA probes for the rapid identification of pathogens and the treatment of certain infectious diseases and cancers.  The privately held company operates three division -- a diagnostics and a therapeutics division located together in Bothell, Wash., and an OEM systems division operating as Source Scientific Systems in Garden Grove.
    -0-                      11/18/91
    /CONTACT:  John L. Bishop of MicroProbe, 714-894-7184/ CO:  MicroProbe ST:  California IN:  MTC SU: RM -- SJ006 -- 1228 11/18/91 08:32 EST
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Publication:PR Newswire
Date:Nov 18, 1991
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