BioMedomics, Inc. Closes $690K Round of Financing
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BioMedomics, Inc., a Point of Care (POC) diagnostic company focusing on ultra-sensitive POC diagnostic platforms and novel disease specific POC tests, announced today that it has closed on their first round of financing netting a total of $690,000. The investment is from private investors and is the first outside equity capital in the company. This group of private investors has significant successful experience in early investments in diagnostics companies and includes Tom Roberg who was most recently Vice Chairman of the diagnostic company Advanced Liquid Logic.
Approximately $6 million in non-dilutive monies have already been invested in BioMedomics technologies enabling the company to initiate development of a range of ultra-sensitive diagnostic platforms and novel disease specific tests including acetaminophen overdose, sickle cell disease, and alpha-thalassemia, among others. This investment of outside equity capital will allow the company to meet several significant developmental milestones as well as round out its scientific staff.
“We are thrilled to have such strong support and validation of our technologies from these experienced diagnostics investors,” said Dr. Frank Wang, CEO of BioMedomics, “Our prior grant funding has made it possible to establish an excellent group of diagnostic products. This investment will provide us the ability to focus our efforts on the next stage developmental milestones necessary for additional non-dilutive grants or follow-on capital. We are extremely excited about the potential this funding brings to BioMedomics.”
About BioMedomics, Inc. – BioMedomics was founded in 2006 and is located in Research Triangle Park, NC. BioMedomics is developing advanced highly sensitive and quantitative rapid POC diagnostic platforms and novel disease specific diagnostic tests for the $16 billion POC diagnostic market. The company’s goal is to make POC testing widely accessible with the same level of sensitivity and quantitation as complex and expensive central lab tests.
The core competencies of the company are a strong combination of biology, biochemistry, and biomedical engineering expertise that underline its technology and product development. To meet the increasing need for improved sensitivity in POC diagnostics the company is developing its next generation Time Resolved and Nanotube platforms. Both of these platforms have the potential for sensitivity below the one picogram/mL level. The company also has a particular expertise in developing POC tests for Drugs of Abuse/Overdose and hemoglobinopathies. Tests currently under development include acetaminophen overdose, Sickle Cell Disease, Alpha Thalassemia, and Heparin Induced Thrombocytopenia, among others.