ROCHESTER, NY: Adarza BioSystems, Inc. a leading next generation innovator in label-free, multiplex assays announced today that it has closed the final tranche of its Series-A financing bringing the total Series-A financing amount to $6.8 million. Proceeds from the financing will be used to launch its first 100-plex immunoassay product consumable and instrument and accelerate development of higher plex highly sensitive assays targeting a variety of biological analytes. Adarza’s Arrayed Imaging Reflectometry (AIR-StripTM) will bring an unprecedented combination of performance and workflow benefits with high sensitivity, broad dynamic range, precision and assay robustness to life science research, drug development and clinical diagnostics.
Cultivation Capital Life Science Fund and the Venture Capital Unit of Siemens lead the round. David Smoller, General Partner at Cultivation and Director of Adarza said “at Cultivation we are proud to have been the catalyst to this funding for Adarza. Adarza’s label-free breakthrough technology, with its massive multiplexing capabilities and simple work flow, will bring exciting and needed benefits in both research and the clinic. We are also, happy to have helped Adarza find its new operations hub in our community. We look forward to providing ongoing support to Adarza through the commercialization phase of its product launch.”
“We were impressed with the power of accurately performing multiplex tests on a robust and stable platform,” explains Ralf Schnell, CEO of the Venture Capital Unit of Siemens. “This technology has many applications and we look forward to working with Adarza management as they make an exciting journey into commercialization.”
About Adarza BioSystems, Inc. Adarza, with operations in Rochester, N.Y. and St. Louis, Missouri, is a leading developer and manufacturer of label-free biosensor assays and instruments servicing life science research, drug development and in vitro diagnostics customers. Adarza’s products and services utilize its proprietary Arrayed Imaging ReflectometryTM (“AIR”) detection platform that is capable of rapidly identifying and quantifying a series of biological target analyte species in a fluid sample, without chemical labels or complex processing. The AIR technology offers key performance benefits in sensitivity, speed, multiplex arrays, sample size, dynamic range, ease of use and industry-leading low cost of use. Adarza products address broad quantitative analyte detection applications, including cancer biomarkers, drug and vaccine development, allergy, immunology and infectious diseases research. For more information, visit www.adarza.wpengine.com.
About Cultivation Capital Cultivation Capital is a St. Louis-based early stage Venture Capital firm investing in high potential technology companies throughout the Midwest. Cultivation Capital is managed by a team of experienced entrepreneurs, who have started more than 25 companies, raised more than $200 Million dollars and had several successful exits. For more information, visit www.cultivationcapital.com.
About the Venture Capital Unit of Siemens As part of Financial Services, the Venture Capital Unit of Siemens is the corporate venture capital organization of the company and invests in early stage technology companies and established technology growth companies, focusing on the energy, healthcare, industry, and infrastructure markets and hence plays a key role in Siemens’ global innovation network. The aim is to identify innovative solutions from which Siemens and its customers can profit and to strengthen business partnerships with innovative industry players. Since 1999 the company has invested in about 180 start-up companies worldwide. For more information, visit www.siemens.com/venturecapital.