Date: Oct 02, 2014 Author: Brian Feldt Source: bizjournals (
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Adarza BioSystems, a life-science startup located in the BioGenerator, has added approximately $4 million to its Series A financing and has closed the round at $6.8 million.
Adarza develops and manufactures immunoassay technology that can identify proteins and genetic markers in medical samples such as blood. The technology, which comes in the form of microchips, can help with cancer diagnostics and allergy testing, among other applications.
The latest financing, which was led by Cultivation Capital and the venture capital unit of Siemens, is being used to launch the company's first 100-plex immunoassay product and accelerate development of highly sensitive plex assays that target biological analytes.
"We were impressed with the power of accurately performing multiplex tests on a robust and stable platform," Ralf Schnell, CEO of the venture capital unit of Siemens, said in a statement. "This technology has many applications and we look forward to working with Adarza management as they make an exciting journey into commercialization."
Also investing in the round were the BioGenerator, St. Louis Arch Angels, the Missouri Technology Corp., Serra Capital and a number of St. Louis angel investors.
The first tranche of the Series A came in July, when Adarza raised $2 million from 13 investors.
Now situated in the BioGenerator's accelerator lab in the Cortex 1 building, the company will soon outgrow that space and will use this funding to help find a more permanent location in St. Louis, said Rand Henke, Adarza's chief executive.
In April 2013, Adarza moved a portion of its operations to St. Louis from New York, where the company was founded in 2008. Henke said he hopes to add another two employees in St. Louis and transfer another two from the company's New York office to turn its St. Louis office into a commercial headquarters.
