A Diagnostics & Imaging Week
NABsys (Providence, Rhode Island), a developer of electronic, solid-state DNA sequencing, reported that it has closed a $4 million equity round led by Point Judith Capital, Slater Technology Fund (both Providence) and other previous investors also participated in the round. The proceeds will be used to further develop NABsys' proprietary DNA sequencing platform.
"The NABsys approach combines the advantages of electronic detection, solid-state fabrication, and the ability to directly obtain long-range sequence information," said Point Judith Capital General Partner Gina Raimondo. "We believe this will be a game-changing technology in the field of genomics."
Raimondo will be joining the NABsys board.
Historically, DNA sequencing technologies have used optical detection, have depended on enzymes known as polymerases, and have not been compatible with solid-state fabrication technology. As a result, whole-genome DNA sequencing has remained far too expensive, slow, and inaccurate to be used in clinical care. NABsys' electronic, solid-state approach overcomes these limitations.
"The technological advantages that the NABsys platform enjoys, namely electronic detection, the use of all solid-state materials, lack of dependence on a polymerase, inherent error checking, and long-range sequence information, will allow the technology to offer clinically relevant cost, speed, and accuracy parameters for whole-genome sequencing," said NABsys President/CEO Barrett Bready, MD.
In other financings:
• Diagnostics dynamo Inverness Medical Innovations (IMI; Waltham, Massachusetts) reported that it intends to offer $200 million of senior subordinated notes due 2016 in a public offering. Payment of the notes will be guaranteed by certain of IMI's domestic subsidiaries. The company said it intends to use the net proceeds from the offering primarily for general corporate purposes.
UBS Investment Bank, Goldman, Sachs & Co. and Banc of America Securities will act as joint book-running managers for the offering. Canaccord Adams, Leerink Swann and Stifel Nicolaus will serve as co-managers.
The offering will be made under IMI's shelf registration statement on Form S-3 filed with the SEC on April 10.
• The Life Sciences Greenhouse of Central Pennsylvania (LSGPA; Harrisburg, Pennsylvania) reported that it is investing $750,000 in Nittany Polymedics (NPI), a spin-out of Polymics (State College, Pennsylvania).
NPI makes specialty polymer-based products for medical and dental companies, using materials with characteristics such as permeability to X-rays, extreme wear resistance, biological compliance and tissue in-growth, or the capacity to withstand repeated sterilizations.
"We delight not just in solving customers' problems," said NPI CEO Jeffery Sheldon, "but also in forging partnerships with customers to bring improved products and supply chain efficiencies to the marketplace." NPI says that its materials are being used in a range of orthopedic devices and dental implants, and are expected to appear in surgical tools debuting later this year.
Mel Billingsley, PhD, president/CEO of LSGPA, said the organization anticipates that the investment "will soon bring a positive economic impact to the State College region."
LSGPA promotes commercialization of life science products through seed and pre-seed investments of up to $1 million. It says that it has more than $17 million in central Pennsylvania's life sciences.