Healthcare Industry News: microfluidics
News Release - October 16, 2008
Micronics Completes Series C FinancingCompany welcomes new director to Board
REDMOND, Wash.--(HSMN NewsFeed)--Micronics, Inc., a leading developer of molecular and immuno-hematology diagnostic products, announced today that it has completed a Series C financing lead by the Southwest Michigan First (SWMF) Life Science Fund. Patrick Morand, Managing Director of the fund, has joined Micronics’ Board of Directors as a result of its participation.
The Series C financing complements the Company’s Series B financing that was completed earlier this year. The Series B was lead by private investors. Together, these two financings are expected to result in $9M of new capital being infused into Micronics.
“Micronics is poised to advance a new class of clinical diagnostic tests, and the Series C provides additional leverage to advance product development, including clinical testing required for initial product launch,” said Karen Hedine, Micronics’ president and chief executive officer. “Earlier investments in the Company made it possible for Micronics to build a formidable technology platform, particularly with respect to rapid DNA and RNA testing in a disposable device. We are now able to apply that established technology platform to a number of products in development that will be responsive to global healthcare needs for improved infectious disease detection and diagnosis,” Hedine said.
Mr. Patrick Morand joins Micronics’ board of directors as a representative of the SWMF Life Science Fund. He has been with the fund for over four years. Previously, he was Executive in Residence of the Pittsburgh Life Sciences Greenhouse (PLSG), a public/private investor in regional life sciences companies. Prior to PLSG, Mr. Morand was a three-time CEO in the biologics industry. He served as Vice President of Commercial Operations for Genesis Therapeutics (an Aventis Behring spinout company) and Executive Vice President of Sequitor Medical Technologies. Mr. Morand is a graduate of The Athenaeum of Ohio with a Bachelor of Arts Degree in Philosophy.
Micronics is a privately-held company located in Redmond, Washington that is advancing a unique portfolio of point of care products for disease detection, diagnosis and treatment monitoring. The Company employs an important patent estate in microfluidics and related technologies that make it possible to process biological and environmental samples directly in disposable devices and to perform highly accurate and affordable tests in a fraction of the time required by most molecular diagnostic tests in use today. The company also provides custom product development on behalf of partners and clients worldwide. For additional information, please visit www.micronics.net.
About the Southwest Michigan First Life Science Fund
The Southwest Michigan First Life Science Fund is a $50 million limited partnership venture fund interested in early stage life science opportunities in southwest Michigan that have demonstrably viable technologies and are committed to establishing a presence in the Region. The fund's primary goal is to spur economic development and retain intellectual capital within the area. More information about the Southwest Michigan First Life Science Fund can be found at www.southwestmichiganfirst.com/wmlifesciencecompanies.cfm.
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