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Singulex Raises $19.1 Million
Posted on 06/09/2007 06:06:36 | Link | Post Comment
by Sara Calabro
Med Tech Sentinel
Singulex, a Hayward, CA, company (with R&D operations in St. Louis) that makes diagnostics for detecting levels of protein biomarkers, has raised $19.1 million in a private financing led by New York, NY-based OrbiMed Advisors, and joined by existing investors Fisk Ventures, Prolog Ventures and Advantage Capital.
The funds will go toward further development of the company’s Erenna Immunoassay System, a molecule detection technology that has been shown to detect, at previously undetectable limits, normal cellular levels of cardiac troponin I (cTnI), a protein biomarker critical to assessing cardiac tissue damage following a heart attack. By establishing a normal concentration baseline, cTnI’s clinical utility can be expanded from a confirmatory marker to an early warning marker, thereby enabling interventional therapeutic options.
In plain English: The system has the potential to help doctors make earlier and more appropriate prescribing decisions, and to equip pharma companies with intelligence for drug development.
“This recent financing will enable us to continue to expand our commercial efforts with the biotechnology and pharmaceutical industry, our diagnostic industry expertise and our intellectual property foothold in emerging diagnostic markets,” said Singulex CEO Philippe Goix, in a statement. “We are in an excellent position to provide information with better clinical utility to drug developers and clinicians.”
Source: Med Tech Sentinel
RELATED READING:
- Tepha Closes $10.7 Million in Venture Funding
- Endocare Raises $7 Million
- CryoCor Raises $5.45 Million in Private Placement
BioHealth Investor.com
_______________________
Med Tech Sentinel
Singulex, a Hayward, CA, company (with R&D operations in St. Louis) that makes diagnostics for detecting levels of protein biomarkers, has raised $19.1 million in a private financing led by New York, NY-based OrbiMed Advisors, and joined by existing investors Fisk Ventures, Prolog Ventures and Advantage Capital.
The funds will go toward further development of the company’s Erenna Immunoassay System, a molecule detection technology that has been shown to detect, at previously undetectable limits, normal cellular levels of cardiac troponin I (cTnI), a protein biomarker critical to assessing cardiac tissue damage following a heart attack. By establishing a normal concentration baseline, cTnI’s clinical utility can be expanded from a confirmatory marker to an early warning marker, thereby enabling interventional therapeutic options.
In plain English: The system has the potential to help doctors make earlier and more appropriate prescribing decisions, and to equip pharma companies with intelligence for drug development.
“This recent financing will enable us to continue to expand our commercial efforts with the biotechnology and pharmaceutical industry, our diagnostic industry expertise and our intellectual property foothold in emerging diagnostic markets,” said Singulex CEO Philippe Goix, in a statement. “We are in an excellent position to provide information with better clinical utility to drug developers and clinicians.”
Source: Med Tech Sentinel
RELATED READING:
- Tepha Closes $10.7 Million in Venture Funding
- Endocare Raises $7 Million
- CryoCor Raises $5.45 Million in Private Placement
BioHealth Investor.com
_______________________
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