QuadraSpec Completes Seed Financing
ANN ARBOR, Michigan - EDF Ventures today announced the successful completion of $1.5 million in seed funding for QuadraSpec, Inc., a diagnostics research and development company formed in the spring of 2004. The financing included the participation of several angel investors; EDF was the sole provider of institutional funding.
QuadraSpec was formed to exploit the work done by Purdue University's professor of physics David Nolte, PhD, and professor of biochemistry Fred Regnier, PhD from the same institution. QuadraSpec will develop a novel platform and assays to meet the market need for a multiplexed capability to identify proteins and protein fragments as disease indicators. The Company anticipates demand for its product from several markets, including animal health diagnostics, drug development, CLIA reference labs, and ultimately, for personalized medicine.
Founder and CEO Chad Barden notes, "We expect that our ability to offer shorter assay development times and high assay sensitivity on our multiplexed BioCD will be viewed as a true breakthrough in the way immunoassays are performed. Our label-free approach to detection, using optical interferometry, will both increase development times and reduce our costs."
This first round of financing is designed to enable the Company to translate technology developed in the laboratories of Purdue University into a prototype of QuadraSpec's first commercial product. Mary L. Campbell, General Partner at EDF Ventures comments, "The advances envisioned by QuadraSpec ultimately can meet the needs of the personalized medicine market. In the nearer term, exciting work is being done to identify multiple biomarkers as early indicators of disease, or, to run a large array of samples to rapidly detect a single protein. A fast, highly sensitive, cost-effective and easy to use approach to multiplexed diagnostics is an important market need of today."
As a result of this round of financing, Joerg Schreiber, PhD (VP Roche Diagnostics, Retired), Joe Leeth, DVM (Founder and VP Operations, Antel Diagnostics), Gene Sponseller (President, Manufacturing Division, Sofamor Danek, Retired) and Fred Regnier, PhD (Founder and also Professor of Chemistry, Purdue University) joined Chad Barden, the Company's CEO, on its Board of Directors. Campbell joins as a Board observer. The funding will be used to fund early development activities for the Company's first product. QuadraSpec is located in the Research Park at Purdue University in West Lafayette, Indiana.
About QuadraSpec www.quadraspec.com
QuadraSpec is a diagnostics company which develops unique immunoassay systems using a focused laser to detect the binding of proteins. The system uses proprietary wafer-based assay discs called BioCDs. QuadraSpec will bring to market products which will uniquely enable emergent biomarker signatures to become widely used both to diagnose and to monitor therapy. QuadraSpec is located in Purdue University's Research Park in West Lafayette, Indiana.
Mary L. Campbell
734.663.3213 ext. 307
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