EDF Ventures Announces $6 Million Financing for HandyLab
Ann Arbor, MI -- (January 24, 2006) -- EDF Ventures, a leading venture capital firm focused on early-stage investments in healthcare and information technologies, announced the closing of a $6 million Series C financing for its portfolio company HandyLab, a University of Michigan spin-out incubated by EDF.
HandyLab, an Ann Arbor, Michigan-based company which develops molecular diagnostic tests for human health, raised the financing round to launch its first product, following successful completion of clinical trials to be initiated in the first quarter of 2006. Based on patented microfluidic technology, HandyLab's product is designed to reduce the time, cost and complexity of performing nucleic acid tests for a healthcare market eager to embrace early and accurate diagnosis of infectious diseases.
Anticipating product launch, HandyLab, under the leadership of CEO Jeff Williams, recently completed a manufacturing agreement and expanded its management team. "With our resources in place, we look forward to 2006 as the year of clinical trials, regulatory approval and product launch as well as continued expansion of our menu of tests," said Williams.
Mary Campbell, General Partner and founder of EDF Ventures said,
"We believe that HandyLab will be the first company to enter the market with true lab-on-a-chip technology, allowing central labs and hospitals to achieve rapid results, with high sensitivity and specificity and without the more time consuming sample preparation and run time required by others," said Mary Campbell, General Partner and Founder of EDF Ventures. "HandyLab is poised to gain significant market share in the large and rapidly growing world of molecular diagnostics."
EDF describes its role in the launch and expansion of HandyLab as similar to that taken by the firm with IntraLase Corporation(NASDAQ: ILSE). Like HandyLab, EDF worked with the founding team of IntraLase to form the company, spin the technology out of the University of Michigan and work hand-in-hand with the founders to build what is now a leading player in the laser eye surgery market. Nearly 20 percent of all LASIK procedures in the US are performed using the IntraLase product. IntraLase has a rapidly growing presence internationally as well. Like IntraLase, EDF believes that HandyLab is positioned to become a dominant player in its space. The firm feels strongly that that early decisions-refining strategy, selecting the right executive team and attracting value-added co-investors-lead to long-term results. As with IntraLase, EDF is committed to a winning solution to meet a market need and earn exceptional returns for its investors.
About HandyLab, Inc.
HandyLab develops and manufactures small, low-cost nucleic acid and protein-based analysis systems for clinical diagnostic markets. The patented, self- contained microfluidic systems are capable of integrating and automating multiple laboratory processes on a single chip. The company focuses on diagnostic applications requiring a high degree of sensitivity, specificity and speed. HandyLab's microfluidic systems use only nanoliters of reagents, making them cost-effective alternatives to traditional laboratory testing. In addition, the disposable, single-use cartridges can be manufactured inexpensively and can perform a wide variety of bio-assays. HandyLab's unique product design also greatly facilitates ease of use.
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