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For immediate Release
November 12, 2004
BioTech Park resident closes highest
initial funding round
Living Microsystems receives $8.6 million in venture funding
Richmond, Va. - Living Microsystems, a tenant of the Virginia BioTechnology Research Park whose breakthrough work in cellular exploration holds the promise for a noninvasive test for Down Syndrome and other medical diagnoses and applications, has received a Series A institutional investment of $8.6 million, the largest initial round of funding in the 11-year history of the Richmond-based park.
Founded in 2001 as a collaborative venture involving bioengineering scientists and physicians at Harvard Medical School, the Massachusetts Institute of Technology and Massachusetts General Hospital, Living Microsystems is pioneering the use of microengineering within the medical diagnostic and testing arena. The company's first product, currently in the clinical optimization phase of development with promising results, would greatly reduce the need for amniocentesis, a painful and invasive test for Down Syndrome, with a simple, blood test of the mother during the first trimester of pregnancy.
The funding, provided by Mohr Davidow Ventures of Menlo Park, Calif., will enable LMS to accelerate its clinical trials. The company anticipates that its first product will be ready for FDA approval by 2005. It expects to seek an additional institutional funding round prior to product launch.
"Closing this round of funding is a meaningful milestone for us," said Michael Grisham, president and CEO of Living Microsystems. "It not only validates the commercial application of our science but also provides us with a suitable runway for continuing to hone and develop our technology. We are grateful to Mohr Davidow as well as to the Virginia BioTechnology Research Park, whose support and guidance has been immeasurable."
According to Robert T. Skunda, the president and CEO of the BioTech Park, the initial funding round of $8.6 million to Living Microsystems is the largest on record for a BioTech Park tenant, eclipsing Insmed's $8 million round in 1996 and Allos Therapeutics' $6 million three years earlier.
"This is a heartening triumph for Living Microsystems and the park alike," Skunda said. "Funding for start-up ventures within the bioscientific field over the past several years has been challenging, and this impressive round for Living Microsystems not only speaks volumes about the company's prospects for great success but also provides an occasion for optimism for the many other ventures who are seeking institutional funding."
Bill Ericson, general partner at Mohr, Davidow, said: "MDV's investment in Living Microsystems reflects the confidence we have in the commercial viability of the company's science. Living Microsystems has assembled an impressive management and scientific team, and we are pleased to partner with them on this promising venture."
About Living Microsystems
Through a union of medical science and bioengineering, Living Microsystems seeks to unlock the diagnostic power within the human cell. The company's first product represents an automated approach to diagnosing prenatal genetic abnormalities. By isolating and analyzing rare fetal cells, which were discovered to exist in maternal blood in the late 1980s, Living Microsystems will be able to provide powerful clinical information noninvasively. This innovation will greatly reduce the need and use of existing invasive tests for Down Syndrome with a simple blood test, resulting in better maternal and fetal well-being. For the more than five million women annually who undergo prenatal screening in the United States and Europe - including the one in 200 mothers whose babies are born with a genetic abnormality - the company's new product is a much anticipated alternative to current procedures. Living Microsystems expects that its technology has significant potential for other applications within the biomedical arena.
About Mohr Davidow
Mohr Davidow Ventures has built a reputation among entrepreneurs as a partner by taking a hands-on approach to investments and working skillfully to architect and build successful companies. MDV possesses an extended team of experts, including the firm's partners and an active network of seasoned entrepreneurs. Together, they focus on early stage investments while bringing years of real-world experience to accelerate each company's time-to-market and optimize its long-term success. Category-leading companies funded by MDV include Agile, Auspex, Brocade, Epigram (BRCM), FormFactor, Freshwater Software (MERQ), Ipsilon Networks (NOK), Kalpana (CSCO), Numerical Technologies (SNPS), ONI Systems (CIEN), Pivotal Technologies (BRCM), Rambus, Vantive, Vitesse and Zip2. Founded in 1983, MDV has $1 billion under management. For more information visit http://www.mdv.com, an early stage venture capital firm.
About the Virginia BioTechnology Research Park
Founded in 1993, the Virginia BioTechnology Research Park is home to a unique mix of biosciences companies, research institutes affiliated with Virginia Commonwealth University, major state and national medical laboratories, and nonprofit organizations. The BioTech Park is only one-third developed, yet already its tenants, housed in eight buildings, fill more than 575,000 square feet of space in downtown Richmond and employ more than 1,350 scientists, researchers, engineers and technicians in fields that include drug development, medical diagnostics, biomedical engineering, forensics and environmental analysis. Recent partnerships with neighboring Henrico and Chesterfield counties will extend the reach of the BioTech Park to satellite parks that can accommodate larger companies on suburban campuses.
Contact:
Jon Newman
Phone: (804) 788-1414
E-mail: jnewman@hodgespart.com
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