MBI Completes Series A Financing Round and Announces Development Agreement

Microchip Biotechnologies, Inc., (MBI), has announced the completion of its Series A investment round.

$4.5 million in total funding was secured, which includes equity and amounts based on further product development components. The round was co-led by In-Q-Tel and RONA Syndicates LLC.

MBI is focused on commercializing products based on a patent-pending Microscale On-chip Valve™ (MOV™) nanofluidic platform.

"The strategic investment by In-Q-Tel is a significant validation of MBI’s MOVTM technology and our goal to leverage this platform in field-portable, integrated solutions," said Dr. Stevan Jovanovich, President and CEO of MBI.

"We are delighted to secure the Series A funding that will enable us to bring our first microchip-based products to market."

The proceeds will accelerate the development efforts of MBI’s commercial products, develop portable forensics devices for DNA typing, and fund the critical infrastructure necessary for rapid prototyping and manufacturing of nanofluidic microchips.

"MBI is developing a breakthrough nanofluidic platform that may ultimately transform many integrated solutions that are integral to today’s large laboratory-based systems," said Scott Yancey, President and CEO of In-Q-Tel.

"MBI’s technology also has the potential to create a tipping point in the development of field-portable integrated solutions and next-generation laboratory instrumentation, providing high value technology solutions for both federal and commercial markets."