SensiGen Receives Investment from Michigan Economic Development Corporation

ANN ARBOR, Mich. & PHILADELPHIA--(BUSINESS WIRE)--SensiGen, LLC, a biotechnology company developing proprietary gene-based molecular diagnostics, announced today that the Michigan Economic Development Corporation (MEDC), a nationally recognized state sponsored initiative to promote business formation, expansion, and retention in the State of Michigan, has approved an additional investment in SensiGen to be used for expanding SensiGen’s operations in Ann Arbor. The investment, in the form of a term loan at 1% interest, will be used for hiring workers displaced by the closure of Pfizer’s Michigan based research facilities as part of SensiGen’s planned expansion of operations in the state.

“We are extremely fortunate to be located in an area with ready access to highly skilled people to support the growth and expansion of our research portfolio”

“We are extremely fortunate to be located in an area with ready access to highly skilled people to support the growth and expansion of our research portfolio,” said Shawn M. Marcell, President and CEO of SensiGen. “We are very grateful for the support we have received from MEDC and other area institutions to enable us to tap into this tremendous talent pool to fuel our growth ambitions. This is another example of the outstanding support and resources available to start-up companies in the Ann Arbor area.”

SensiGen’s breakthrough molecular diagnostic technology was developed by Dr. David Kurnit in his laboratory at the University of Michigan. The Company’s products are based on the coupling of Polymerase Chain Reaction (PCR) with Mass Spectrometry (MS) to achieve unprecedented levels of sensitivity and specificity in pinpointing biomarkers that signal the onset of major disease or the pathogens that cause them. Upon its founding in 2004, the Company received an initial investment of $2.6 million from the Michigan Economic Development Corporation, and has raised an additional $1.4 million in investments from a diverse list of public and private investors from across the nation.

“Accelerating the growth of promising life science companies is speeding the diversification of Michigan’s economy,” MEDC President and CEO James C. Epolito said. “With its talented management team and exciting medical products, SensiGen’s high growth potential will attract the strong interest and investment capital needed to bring new jobs to our state.”

About SensiGen, LLC: SensiGen is a biotechnology company focused on gene-based molecular diagnostics. The Company develops advanced technologies to enable early detection of diseases aimed at improving standard of care and reducing overall healthcare costs. Current products in development include tests for early detection of human papillomavirus (HPV), the primary cause of cervical cancer, chronic kidney disease (CKD), Lupus, and others. SensiGen’s proprietary molecular diagnostic assays offer dramatic improvements over current methods. www.sensigen.com

About The Michigan Economic Development Corporation:

The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on MEDC initiatives and programs visit www.TheMEDC.org.