ANN ARBOR ? Clinical diagnostic testing company HandyLab Inc. on Friday announced the completion of a $5.6 million private equity round of financing, giving the company $11.6 million in two rounds over the past five months.
Major investors included Pfizer Strategic Investments (New York, NY), Ardesta, LLC, EDF Ventures, and Arboretum Ventures (all of Ann Arbor, MI), and SBV Venture Partners (San Mateo, CA).
HandyLab also announced it was recently awarded more funding from the U.S. Defense Department to develop a portable infectious disease detection system. The dollar amount was not disclosed.
?We plan to use the proceeds to launch our first products and develop additional tests,? said Jeff Williams, HandyLab?s President and Chief Executive Officer.
The company?s first system, comprised of a bench top analyzer and disposable microfluidic cartridges for testing for the presence of Group B Strep bacteria, is expected to reach market late this year, subject to Food and Drug Administration clearance. According to the U.S. Centers for Disease Control, Group B Strep is the leading cause of sepsis and pneumonia in newborns.
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