
Woburn, MA, March 8, 2006 - BioTrove, Inc. announced today that the company has successfully completed its latest fundraising by closing an additional $7 million in an oversubscribed round of venture capital funding. This brings the total amount raised since July 2005 to $15 million. Participating investors include Catalyst Health and Technology Partners, Echelon Ventures, Fletcher Spaght, Zero Stage Capital, and CB Health Ventures. The proceeds of this round will accelerate the commercialization of BioTrove's OpenArray™ genomics and RapidFire™ pharmaceutical screening products.
"The investment syndicate's outstanding level of commitment reflects the progress BioTrove has made in commercializing its OpenArray™ and RapidFire™ technologies," said Joshua Phillips, Managing Director at Catalyst Health and Technology Partners and a member of BioTrove's Board of Directors. "The rapid acceptance of BioTrove's first products based on these technologies proves the tremendous value of the platforms. We are pleased to help the company continue its rapid growth."
Robert H. Ellis, Chairman, President, and CEO of BioTrove, noted "This fundraising signifies a strong endorsement of the technology and our business strategy. We have had good initial market acceptance of our OpenArray™ SNP Genotyping product, and we will use the new funds to expand our OpenArray™ platform commercialization efforts."
Dr. Enrico Petrillo, General Partner of CB Health Ventures, LLC, said "BioTrove's development of the OpenArray™ plate, based on nanofluidics, represents a technology breakthrough for the genetics research and applied genomic markets."
About BioTrove, Inc.
BioTrove offers two innovative platform technologies that dramatically increase the throughput of SNP genotyping and pharmaceutical screening.
The OpenArray™ platform enables genomics researchers to generate up to hundreds of thousands of data points per day. The flexible format of the OpenArray™ plate allows researchers to adjust to their changing needs in sample and assay numbers. Additionally, the nanoliter scale of this flexible system makes high-throughput genotyping economical.
RapidFire™ Lead Discovery enables drug developers to analyze samples using ultra high-throughput mass spectrometry in less than 8 seconds per sample. This technology enables difficult targets (lipids, fatty acids, phospholipids, steroids, and prostaglandins) to be tested using a high-throughput, native detection method.
For more information, please visit www.biotrove.com or contact:
Robert Ellis
President and Chief Executive Officer
BioTrove, Inc.
info@biotrove.com
781-721-3600
Courtney Harris
Feinstein Kean Healthcare
courtney.harris@fkhealth.com
617-761-6744
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