BioTrove Completes $13.7 Million Round of Financing - News Item

BioTrove, Inc. today announced that the Company has successfully completed a $13.7 million round of financing, closing a second traunch of an oversubscribed round for $2.8 million. The first traunch closed at $10.9 million. Catalyst Health and Technology Partners led the round, supported by new investors Echelon Ventures and Fletcher Spaght. Original investors from the first traunch include CB Health Ventures, Zero Stage Capital and BioFrontier Partners.

The funds will be used to accelerate commercialization of BioTrove's micro- and nano-scale products and services, the Living Chip and Momentum Assay Development and Screening, respectively. The Company will also use the funds to support construction of a 10,000 sq. ft. manufacturing facility.

"BioTrove is well poised to truly accelerate commercialization," noted Joshua Phillips, Managing Director at Catalyst Health and Technology Partners and a member of BioTrove's Board of Directors. "With the recent announcement of the Living Chip's SNP genotyping application coupled with Momentum's initial pharmaceutical contract, BioTrove is moving into the next phase of commercialization."

BioTrove's first commercial application based on the Living Chip platform is the SNP genotyping chip, which enables the analysis of 10s to 1,000s of SNPs at 25nl reaction volumes, providing researchers with flexibility regarding the numbers of SNPs and samples to analyze.

"The Company has put into place a very sound commercial strategy that will result in a number of product applications scheduled to roll out within the next year," commented Dr. Enrico Petrillo, General Partner of CB Health Ventures, LLC. "Our seasoned management team, validated product platforms and funding have all played key roles in BioTrove's success."

Posted 15th April 2004

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