By Lisa Kerner
Erie, Pa., March 8 - BioTrove, Inc. said it has closed an additional $7 million in an oversubscribed round of venture capital funding, bringing to $15 million the total amount raised since July 2005.
Proceeds from this round will be used to accelerate the commercialization of BioTrove's OpenArray genomics and RapidFire pharmaceutical screening products.
Participating investors include Catalyst Health and Technology Partners, Echelon Ventures, Fletcher Spaght and CB Health Ventures.
"This fundraising signifies a strong endorsement of the technology and our business strategy," BioTrove chairman, president, and chief executive officer Robert H. Ellis said in a company news release.
"We have had good initial market acceptance of our OpenArray SNP genotyping product, and we will use the new funds to expand our OpenArray platform commercialization efforts."
Located in Woburn, Mass., BioTrove offers two platform technologies, OpenArray and RapidFire, that increase the throughput of SNP genotyping and pharmaceutical screening.
| Issuer: | BioTrove, Inc.
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| Issue: | Venture capital funding
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| Amount: | $7 million
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| Investors: | Catalyst Health and Technology Partners, Echelon Ventures, Fletcher Spaght, CB Health Ventures
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| Announcement date: | March 8
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