Date: Mar 21, 2016 Source: bizjournals (
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Adarza BioSystems, a life-science startup, has raised $5 million from a group of investors led by St. Louis-based Cultivation Capital and Lewis & Clark Ventures, and the venture capital unit of Siemens.
The money will be used to expand production capacity in its St. Peters manufacturing facility and launch its first immunoassay product consumable and instrument platform.
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.
In October, Adarza, led by CEO Rand Henke, partnered with SunEdison Semiconductor to set up shop in the company's St. Peters immunoassay consumable manufacturing facility. The semiconductor business (Nasdaq: SEMI) makes silicon wafers.
The funding follows a $6.8 million raise from Cultivation and Siemens toward the end of 2014.
Adarza also received $11 million in research funding that went into technology and prototype development. Those funds largely came from state and federal grants.
