BioTrove, Inc. has announced that the company has completed its latest fundraising by closing an additional $7 million in an oversubscribed round of venture capital funding.
This brings the total amount raised since July 2005 to $15 million. Participating investors include Catalyst Health and Technology Partners, Echelon Ventures, Fletcher Spaght, and CB Health Ventures.
The proceeds of this round will accelerate the commercialization of BioTrove's OpenArray™ genomics and RapidFire™ pharmaceutical screening products.
"The investment syndicate's outstanding level of commitment reflects the progress BioTrove has made in commercializing its OpenArray™ and RapidFire™ technologies," said Joshua Phillips, Managing Director at Catalyst Health and Technology Partners and a member of BioTrove's Board of Directors.
"The rapid acceptance of BioTrove's first products based on these technologies proves the tremendous value of the platforms. We are pleased to help the company continue its rapid growth."
Robert H. Ellis, Chairman, President, and CEO of BioTrove noted, "This fundraising signifies a strong endorsement of the technology and our business strategy."
"We have had good initial market acceptance of our OpenArray™ SNP Genotyping product, and we will use the new funds to expand our OpenArray™ platform commercialization efforts."
Dr. Enrico Petrillo, General Partner of CB Health Ventures, LLC, said, "BioTrove's development of the OpenArray™ plate, based on nanofluidics, represents a technology breakthrough for the genetics research and applied genomic markets."