By Jennifer Chiou
New York, Nov. 29 - Adnavance Technologies Inc. said it completed a $3.85 million series A round of financing.
Working Opportunity Fund led investors, which included BC Medical Innovations Fund, Canadian Medical Discoveries Fund and the Business Development Bank of Canada.
Adnavance also said it secured funding from The National Research Council's Industrial Research Assistance Program and The Natural Sciences and Engineering Research Council of Canada for its research and development programs.
"This financing provides the company with a stable foundation for continued growth, enabling us to accelerate our lead product development programs on the health care diagnostics side of our business, and progress our efforts to produce prototypes for industrial applications," chief executive officer Henry Geraedts said in a news release.
"We believe that this round of financing is an important endorsement of the development progress that Adnavance has made and a vote of confidence in the technology platform and product pipeline."
Proceeds from the financing will go toward the company's core M-DNA technology for DNA-based vaccines as well as the development of its conductivity technology for light-driven generation and storage of hydrogen.
Adnavance Technologies is a Vancouver, B.C., private nanobiotechnology company that develops biosensors and molecular detection devices.
| Issuer: | Adnavance Technologies Inc.
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| Issue: | Preferred Stock
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| Amount: | $3.85 million
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| Round: | Series A
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| Investors: | Working Opportunity Fund (lead), BC Medical Innovations Fund, Canadian Medical Discoveries Fund, Business Development Bank of Canada
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| Announcement date: | Nov. 29
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