The rise of synthetic marijuana as well as bath salts mean a growing opportunity for companies developing tools to detect and analyze the components of these and other illegal drugs. A life science startup that produces high-end molecular analysis instruments which use infrared spectroscopy to do materials analysis for the forensics and drug development industries has raised $1.3 million from new and returning investors to expand and deepen its reach in Western Europe.
Spectra Analysis Instruments President George Giansanti told MedCity News in a phone interview that the company would use the financing to boost its sales and marketing staff and field service support to help the 11-person business grow in a market it values at roughly $1 billion.
About 60 percent of the Boston-based company’s business comes from forensics labs to identifying controlled substances such as oxycondone, pseudo-ephedrine, ephedrine, cannabinoids, cocaine and methamphetamines. Another 20 percent is from pharmaceutical companies, particularly in the research and development phase to analyze drug formulation and to examine polymer excipients that enhance and control the delivery of active pharmaceutical ingredients. Some of its business also comes from analyzing the components of food and oil.
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The technology behind Spectra Analysis Instruments’ DiscovIR system was born at Argonne National Lab at the University of Chicago, Giansanti said, and the company has made further patentable developments.
Among the trends that present opportunities for the company are the need to identify contaminants in drugs in microscopic levels. It requires instruments with a high level of analytical sensitivity to detect leachables and extractables from polymers.
