While many small and mid-sized companies are experiencing difficulties obtaining venture capital funds, some have managed to secure dedicated investors to help them weather the economic storm. One such company is Pleasanton, California-based Arcxis Biotechnologies, a privately held biomedical device firm. The company announced today that it has completed the first tranche of a Series B financing round. Claremont Creek Ventures led the round and was joined by Kaiser Permanente Ventures and Alafi Capital. "This second round of institutional investment enables us to initiate the commercial development programs in our strategic plan," said Chris Meda, president and chief executive officer of Arcxis. "Given the current financial market, it is indeed exciting to have the confidence of our investors."
Arcxis says the funds will enable the company to accelerate development, testing and commercialization of their nuleic acid sample preparation platform and their sample to answer clinical molecular diagnostic platform. The company did not disclose financial details of the round.
"Claremont Creek Ventures is excited about the ongoing investment in Arcxis which will help the company bring this important new technology to clinical molecular laboratories around the world. Arcxis' expertise has enabled the development of one of the most promising clinical molecular diagnostic platforms in the industry," stated John Steuart, Managing Director.
- read the Arcxis release