BioScale Raises $25 Million for Commercialization and Manufacturing of Protein Analytics Technology
Company Developing, Manufacturing and Marketing ViBETM Systems to Enhance Development and Production of Biotherapeutics
CAMBRIDGE, Mass.--(BUSINESS WIRE)--BioScale Inc., a privately-held life science company that develops, manufactures and promotes a new generation of protein analytics technology, today announced that it has secured $25 million in its recent financing round. Led by new investor Morningside Venture, this round will be used to expand manufacturing operations and commercial sales of the ViBE protein analytics systems. Also participating in the financing were existing investors New Science Ventures, WFD Ventures, F2 Ventures, and several individual investors.
"We are delighted to build our financing syndicate with the addition of Morningside - a powerful global life science investor," Mark Lundstrom, Founder and CEO of BioScale commented. "Morningside's participation, along with the strong support of our existing investors, positions BioScale well for our commercialization phase. The financing will provide the resources to bring BioScale's ViBE product line into the market and establish BioScale as a leader in protein analytics technology."
"Morningside is pleased to partner with BioScale in leading this financing round," remarked Morningside's Isaac Cheng, MD. "We are excited about the therapeutic and diagnostic potential of protein biomarkers, and feel BioScale's next generation proteomics platform is well-positioned to become a leader in the protein measurement space. We are confident about BioScale's prospects as it enters its commercialization phase in this rapidly expanding market, and look forward to working with BioScale's experienced management team and existing investors toward achieving domestic and international growth."
About BioScale
BioScale is a life science company that develops, manufactures and promotes a new generation of protein analytics technology to accelerate drug discovery, development and production of biological and pharmaceutical products. BioScale's innovative ViBE systems enable ultra-sensitive detection and quantitation of proteins in complex samples used in research, clinical, bioprocessing, patient point-of-care and personalized medicine applications. Founded in 2002, the Company is headquartered in Cambridge, MA. For more information, visit http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.bioscale.com&esheet=6325686&lan=en-US&anchor=www.bioscale.com&index=1&md5=f6260d19a7fe9a196e2924b69912fc83.
About ViBETM Protein Analytics Systems
BioScale's ViBETM systems enable a new generation of protein analytics by providing highly sensitive, reproducible detection and quantitation of analytes in complex biological mixtures. Integrating simple sample preparation and microparticle techniques, with novel detection and quantitation technology, BioScale's versatile ViBE systems deliver high performance in a wide range of applications. The ViBE systems allow customers to rapidly create and configure their own assays using BioScale's proprietary principle of operation, AMMPTM (Acoustic Membrane MicroParticle) technology. AMMP is a label-free, non-optical, homogeneous assay which is well-suited for operation in complex matrices.
About Morningside
Morningside is a diversified investment group founded in 1986 by the Chan family of Hong Kong. It is engaged primarily in private equity and venture capital investments. The group has investments in North America, Europe, across Asia-Pacific, and since 1992, in Mainland China. Morningside was one of the earliest institutional investors in China's internet industry and in recent years has been an active investor in China's emerging biotechnology sector. More information is available at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.morningside.com&esheet=6325686&lan=en-US&anchor=www.morningside.com&index=2&md5=a3669d58d4e7f3c32b791e72d9908eeb.
Forward Looking Statements
The foregoing release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding BioScale's future expectations, beliefs, intentions, goals, strategies, plans or prospects regarding the future, including the Company's ability to obtain financing, the development and commercialization of ViBE systems, the prospects of the Company's protein analytics platform, the Company's strategies to develop and commercialize protein analytics systems and the breadth of the Company's technologies and intellectual property portfolio. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors. As a result of such risks, uncertainties and factors, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. BioScale is providing the information in this press release as of this date and assumes no obligations to update the information in this press release