HandyLab, Inc. Secures Additional Funding
Ann Arbor, Mich. -- (May 15, 2006) -- HandyLab, Inc., a developer of novel clinical diagnostic testing products, announced the completion of a $5.6 million private equity financing. Combined with a $6 million round completed in December of last year, HandyLab has obtained $11.6 million in private equity funding over the last five months. Major investors included Pfizer Strategic Investments (New York, NY), Ardesta, LLC, EDF Ventures, and Arboretum Ventures (all of Ann Arbor, MI), and SBV Venture Partners (San Mateo, CA). In addition, the company was recently awarded additional funding from the Dept. of Defense for development of a portable infectious disease detection system.
"We plan to use the proceeds to launch our first products and develop additional tests," said Jeff Williams, HandyLab's President and Chief Executive Officer. The company's first system, comprised of a bench top analyzer and disposable microfluidic cartridges for testing for the presence of Group B Strep bacteria, is expected to reach market late this year, subject to Food and Drug Administration clearance. According to the U.S. Centers for Disease Control, Group B Strep is the leading cause of sepsis and pneumonia in newborns.
HandyLab is dedicated to the development and manufacture of novel clinical diagnostic testing products. HandyLab's proprietary products will reduce the time, cost and complexity of performing infectious disease and other testing while simultaneously improving the quality of results. Additional information is available on the company's website: http://www.handylab.com.
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