Phthisis Diagnostics Raises $450,000 Series A Funding Round
Phthisis Diagnostics, Inc, announced recently a fresh round of funding that will enable the company to immediately launch their first product, The E-Sphere Stool DNA Extraction Kit, with another product in development and available for launch in approximately 18 months.
The closing of the $450,000 Series A round of capital financing was led by Piedmont Angel Network (PAN - www.piedmontangelnetwork.com). Other participates in the round were New Dominion Angels of Warrenton, VA and Center for Innovative Technology of Herndon, VA. These new funds will be used to launch the E-Sphere Stool DNA Extraction Kit. The R-Sphere diagnostic test line is scheduled to debut in late 2012.
"The Piedmont Angel Network is excited to have led the Series A round for Phthisis Diagnostics which will fund the launch of the company's innovative line of molecular diagnostic products," commented Andy Dreyfuss, PAN Fund Executive. "As the rate of infectious diseases has increased in the United States over the past 15 years, doctors and laboratories have been under pressure to quickly, accurately, and cost-effectively diagnose incidents. We believe that Phthisis Diagnostics has superior technology, an excellent management team, and the expertise to capitalize on the rapid growing use of molecular diagnostics to improve patient outcomes."
"We are delighted to work with Piedmont Angel Network, New Dominion Angels, and Center for Innovative Technology on this investment," stated Crystal Icenhour, PhD, President and Director of Research & Development for Phthisis Diagnostics. "This funding will allow Phthisis to shift its focus from research and development to commercialization of its technologies."
Phthisis Diagnostics will be attending the American Society for Microbiology (ASM) annual meeting on May 20-25, 2011 in New Orleans, LA (Booth #531), where The E-Sphere Stool DNA Extraction Kit will be formally introduced. "We are excited about attending this year's ASM meeting," commented Dr. Icenhour. "Not only will we be participating as first-time exhibitors, introducing our innovative diagnostic product line Simply Molecular, but three of our researchers will be presenting posters demonstrating data on current and future product development."
Phthisis (TYE-sis) Diagnostics is a rapidly growing biotechnology company developing the Simply Molecular product catalog, a range of innovative molecular products designed for speed, accuracy, and ease of use. The Simply Molecular catalog offers solutions for nucleic acid extraction, molecular diagnostics, and laboratory quality control.
Phthisis Diagnostics develops enzyme-based DNA extraction kits for rapid sample preparation prior to polymerase chain reaction (PCR) applications in laboratories. The first product in this line will drastically reduce the time required to extract DNA from stool samples. In addition to the improved accuracy for patient diagnosis and treatment, is the optimized workflow which minimizes procedural steps, sample transfers, and potential for error. This means greater efficiency for busy laboratories.
Phthisis Diagnostics is also developing molecular diagnostic assays using PCR technology to detect intestinal pathogens associated with diarrheal disease, including Cryptosporidium, Giardia, Microsporidia, and others. For more information, visit http://phthisisdiagnostics.com/.
SOURCE: Phthisis Diagnostics, Inc