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Biotech tools maker Nanostream announces $22M financing
Pasadena, CA - June 4, 2003 - Nanostream opened its Series C financing round with a $22M commitment from institutional investors. Co-lead investors AEA Investors and Lilly BioVentures were joined by Techno Venture Management, Flagship Ventures, and other private investors who participated in the Series A and B financing rounds. Charles E. Schalliol, a managing director of Lilly BioVentures, and Michael J. Berendt, a managing director of AEA Investors, will join Nanostream's Board of Directors.
Proceeds from this ongoing round will benefit staff expansion and manufacturing scale-up for the company's first product.
"In light of the current fundraising environment, this substantial capital commitment from seasoned life sciences investors demonstrates a high level of confidence in our people and our products," says Steve O'Connor, president and CEO of Nanostream. "The financing event coincides with the imminent launch of the Veloce™ system, which has generated tremendous interest from research scientists in pharmaceutical and biotech companies."
Nanostream's first product addresses high-throughput analytical chemistry applications in drug discovery and development. The Veloce system - comprised of an instrument, replaceable cartridges, and software - matches the performance and functionality of conventional HPLC, while offering a dramatic increase in throughput and significant savings in sample and solvent consumption. The system utilizes pressure-driven flow to enable parallel chromatography separations and simultaneous, real-time UV detection. Each Nanostream Brio™ cartridge incorporates twenty-four microfluidic columns to rapidly assess a range of properties for a large number of compounds. Compared to conventional instrumentation, the 24-fold increase in sample capacity allows researchers to analyze multiple replicates and thereby attain statistically meaningful results. By accelerating access to high quality data, the Veloce™ system enables scientists to make decisions about promising leads earlier in the drug discovery process.
About Nanostream
Nanostream develops high-throughput, microfluidic systems to automate routine laboratory procedures that are critical to research productivity. As drug discovery moves to a factory floor, high-speed biology and chemistry must be performed in beakers, test tubes, and flasks one million times smaller than those used today. Nanostream furnishes the miniaturized plumbing critical to the future of pharmaceutical sciences. Founded in February 1999, Nanostream has grown to approximately 50 employees housed in a 22,000 square foot research and manufacturing facility in Pasadena, California.
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