Bionanomatrix Increases Seed Funding and Receives NCI Grant to Develop New Cancer Detection Technology
News May 19, 2006
BioNanomatrix LLC, have announced receipt of a two-year grant from the National Cancer Institute and new seed financing from two venture investors, New York based 21Ventures LLC and Ben Franklin Technology Partners of Southeastern Pennsylvania.
Ben Franklin Technology Partners has made a seed investment in BioNanomatrix and 21Ventures is providing a bridge financing to help support the company until its expected Series A financing closes later this year.
BioNanomatrix is developing state-of-the-art integrated systems that enable nanoscale single molecule identification and analysis of the entire genome in a highly multiplexed format.
The company’s patented NANOANALYZER™ platform based on this technology provides more rapid, high resolution, comprehensive and cost effective analysis of DNA, RNA and other proteins than is possible with currently available approaches.
BioNanomatrix is initially focusing on applications in cancer diagnostics, but its technology platform and biochip systems also have broad application in systems biology, pathogen detection, drug development and clinical research.
“This is an exciting time for our company as these funds will help us accelerate our programs to develop new clinical diagnostics systems based on our nanoscale discoveries with unprecedented capabilities,” said Dr. Michael Boyce-Jacino, president and CEO of BioNanomatrix.
“NCI’s award of a Small Business Investment Research (SBIR) grant further recognizes the potential of our NANOANALYZER platform in the development of innovative cancer detection devices and methodologies.”
By solving the problem of how to assess individual DNA or RNA molecules in a single file, linear manner, Bionanomatrix’ whole genome nanoscale platform makes possible key analyses that were not formerly feasible on a routine basis.
These include analysis of many of the contextual factors affecting genomic expression, including haplotype structures and epigenomic features, in an automated, standardized way that facilitates clinical interpretation and use.
“Medical researchers predict that the market for genomics research, specifically biochips and their use in systems biology, clinical cancer research and drug discovery, will increase exponentially over the next several years,” said David Anthony, managing partner of 21Ventures.
“We have been impressed by the combination of BioNanomatrix’ breakthrough technology and the exceptional talent, dedication and discipline of its staff, and we look forward to their progress towards commercialization.”
Dr. Boyce-Jacino concluded, “We also want to acknowledge Ben Franklin Technology Partners for reaching out to support a regional neighbor, as well as Innovation Philadelphia, which supported our NCI grant application with a “Research Dollars” microgrant.
"Our technology was invented at Princeton University and we maintain a portion of our lab activities there, but we also intend to locate our new headquarters in greater Philadelphia, where we will be able to benefit from the region’s nanotechnology resources and its many programs designed to support innovative life sciences enterprises.”