A scientist holding an Adarza BioSystems assay chip
Adarza BioSystems announced Thursday that is has closed a $17 million Series C funding round to further its label-free multiplexed assays and proprietary detection platform.
According to the news release, the Series C funding will be used to expand production capacity and to finalize the development and commercialization of its first consumable and platform — the Arrayed Imaging Reflectometry (AIR).
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AIR is designed to rapidly identify and quantify hundreds of target analytes, without chemical labels or complex processing steps.
The technology manipulates the signal-to-noise ratio — how scientists typically find the proverbial needle in a haystack. In the past, this was achieved by enhancing the analyte signal. A fluorescent molecule or ‘tag’ would be attached to the target analyte, prompting it to glow and stand out in a given sample.
AIR takes the reverse approach, using light to reduce the signals that interfere with the detection process, aka the noise. This minimizes the number of assay steps, which can introduce errors and variability.
Founded in 2008 in Rochester, New York, Adarza reportedly raised around $11 million in state and federal grants it is first five years, as it advanced its prototype tools for life science research, drug development and in vitro diagnostics.
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In 2013, the company was lured to St. Louis, Missouri by local investors who contributed around $500,000 in seed money. Adarza now has a laboratory and manufacturing facilities in nearby St Peters.
The Series C is a big step up from its previous rounds, the largest of which was a $5 million Series B in March 2016.
The company is also entering a transition phase, however, triggered by the retirement of founder, president and CEO Rand Henke. Bryan Witherbee has taken over as president, the news release stated, but a vacancy remains in the chief executive role. RiverVest Ventures Partners led the Series C round and will take two seats on the board.
Adarza targets a wide range of applications, including cancer biomarkers, drug and vaccine development, allergy, immunology and infectious disease research. According to a company spokesperson, the products are intended for both research and clinical use.
Photo: Adarza BioSystems