TORONTO--(BUSINESS WIRE)--Second paragraph, first sentence of release should read: Its Polyvalent Analyzer (PAx) platform is the world’s first true point-of-care diagnostic device. (instead of: Its Polvalent Analyzer...).
The corrected release reads:
CHIPCARE RETAINS BIOTECH ALLIANCES INTERNATIONAL TO LEAD SERIES B CAPITAL RAISE
ChipCare, a Toronto-based start-up diagnostic company, announced today that San Francisco-based life sciences investment bank Biotech Alliances International will serve as the lead investment banker for its $18.8 million Series B capital raise, $2.8 million of which has already been secured.
ChipCare develops accessible diagnostics for inaccessible populations. Its Polyvalent Analyzer (PAx) platform is the world’s first true point-of-care diagnostic device. It consists of a portable, highly mobile, easy-to-use analyzer and low cost disposable microfluidic cartridges that provides lab-quality diagnostic results in as little as 15 minutes at the point-of-care. Unlike existing devices, the PAx will be able to perform three classes of diagnostic tests and weighs less than two kilograms.
“Over half of the world lives more than a day away from a central laboratory, making it difficult to access the diagnostic tests that are essential to providing medical treatment,” said James Fraser, ChipCare Chief Executive Officer. “As part of the global commitment to eliminate HIV as a global health emergency, our initial assays respond to the World Health Organization’s call for improved point-of-care diagnostics for HIV.”
“This financing will help ChipCare bring its first generation analyzer and CD4 assay to market, and we are excited about the opportunity to play a role in bringing a technology that can have an important impact on world health,” said Franck Brinkhaus, CEO of Biotech Alliances International.
Leveraging technology developed at the University of Toronto, ChipCare is a point-of-care (POC) diagnostics company that will bring lifesaving diagnostics to the hardest-to-reach populations. The ChipCare PAx (Polyvalent Analyzer) is a portable, easy-to-used multiplex reader that provides lab-quality results in as little as 15 minutes employing low-cost microfluidic disposable cartridges.
About Biotech Alliances International
Biotech Alliances International, Inc. is a San Francisco-based investment bank serving life sciences companies, private equity and venture capital funds. It provides independent financial and strategic advice including corporate finance, mergers & acquisitions, partnering & licensing, deal sourcing and strategic consulting.