By Jennifer Chiou
New York, July 11 - Primera Biosystems, Inc. said it closed an $11 million placement of series A preferred stock to a group of investors, including MPM Capital, Burrill and Co. and the Malaysian Technology Development Corp.
Based in Providence, R.I., Primera plans to develop both instrument systems and disease specific diagnostic reagent kits.
"We believe the quality of the data produced by our technology, coupled with its cost-effectiveness, will provide numerous commercial opportunities that will have significant benefit for researchers, health care practitioners and patients," said Kazumi Shiosaki, president and chief executive officer of Primera, in a news release.
The company is developing STAR (scalable transcription analysis routine), a proprietary gene expression analysis system that combines real-time PCR and DNA microarray technologies into a single system.
Shiosaki, Ken Conway of Starfire Ventures, Todd Foley of MPM Capital, Ann Hanham of Burrill and Co., Rashidan Shah of MTDC and Mary Jane Cardosa of the University of Malaysia, Sarawak, comprise the board of Primera.
| Issuer: | Primera Biosystems, Inc.
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| Issue: | Preferred stock
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| Round: | Series A
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| Amount: | $11 million
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| Investors: | MPM Capital, Burrill and Co., Malaysian Technology Development Corp.
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| Announcement date: | July 11
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