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For immediate release
Sept. 16, 2006
Park tenants raise more than $26 million
Richmond, Va. – The Virginia BioTechnology Research Park announced today that tenant companies Living MicroSystems and CellPoint Diagnostics closed financing rounds totaling more than $26 million.
Living MicroSystems is a biomedical products company that utilizes a proprietary rare cell-detection technology to provide noninvasive prenatal screening of chromosomal abnormalities in the first trimester of pregnancy, including Down syndrome. The product will significantly reduce the need for amniocentesis, a highly invasive and potentially dangerous procedure in which a small amount of fluid is drawn from the uterus and then examined to detect genetic complications in the fetus.
The company has closed an $18 million Series B round led by Alloy Ventures, according to president and CEO, Michael Grisham. “The funds will be used to complete clinical trials and launch our initial commercialization strategy,” commented Grisham.
In addition to Living MircroSystems, Grisham is president and CEO of CellPoint Diagnostics, which also is utilizing rare cell-detection technology. CellPoint is focusing on the capture and analysis of rare circulating tumor cells from the blood stream of individuals with breast, lung, prostrate or colorectal cancer. This technology has the potential for making a major impact in cancer patients’ survival through therapy monitoring, reoccurrence detection, therapy selection and, ultimately, for early screening and diagnosis.
CellPoint closed an $8.5 million Series A funding round, led by Mohr Davidow Ventures. The funds will be used to expand the management team, establish beta testing sites, conduct initial clinical trials and to define the regulatory and commercialization strategy.
While the core technologies were licensed out of MIT and Massachusetts General Hospital, both companies have been launched and are headquartered at the Virginia BioTechnology Research Park. According to Grisham, the Park and its incubation program, the Virginia Biosciences Development Center, have contributed significantly to the growth and success of both companies, including access to its initial funding sources.
“Dave Lohr, executive director of the VBDC, connected us with several funding sources including Jim Farinholt, a prominent angel and institutional investor based in Richmond. Farinholt provided us initial seed funding and invaluable advice on our business plans and our funding strategy,” commented Grisham. “The VBDC also introduced us to the VCU Office of Technology Transfer that advised us on our licensing strategy and hosted educational sessions on SBIR funding, which we used to secure two Phase I grants totaling $273,000 this year from the NIH,” Grisham added.
Robert Skunda, president and CEO of the Park, noted that companies such as Living MicroSystems and CellPoint are great examples of high potential companies that are populating the Park, but noted the importance of the availability of local investment dollars.
“Over the past ten years, the Park’s incubator has facilitated the start-up of more than 60 bioscience companies, including three publicly traded graduates,” commented Skunda. “However, even though some of our exceptional companies like Living MicroSystems and CellPoint have been able to raise $56 million in venture capital over the past three years, we know that the lack of locally based life science investors continues to hamper our growth at the Virginia BioTechnology Research Park.”
About the Park:
Situated on 34 acres adjacent to VCU’s medical campus, the Park is currently home to a unique mix of more than 55 technology companies, research institutes affiliated with the VCU Medical Center, major state and national medical laboratories. After completion of the new $350 million Philip Morris USA Center for Research and Technology, the Park will encompass 1.2 million square feet of space in nine buildings and employ more than 2,000 industry professionals.
Contact:
Nicky Colomb
Virginia BioTechnology Research Park
Phone: (804) 828-6884
E-mail: ncolomb@vabiotech.com
Web site: www.vabiotech.com
Mike Grisham, CEO
CellPoint Diagnostics, Inc.
Phone: (804) 225-8807
Fax: (804) 819-1607
E-mail: mgrisham@cellpointdiagnostics.com
Web site: www.cellpointdiagnostics.com
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