Ikonisys Closes $30 Million Series E Financing; Investment Reflects Successful Development of Rare Cell Detection Testing Platform

NEW HAVEN, Conn.--(BUSINESS WIRE)--Ikonisys Inc., a developer of cell-based diagnostic products for women’s health and oncology, announced today that it secured $30 million in Series E financing. New investor Goldman, Sachs & Co. joined existing investors Trevi Health Ventures, Palisade Capital, Everfin, Lakeview Capital Management, New Science Ventures, Promark Holdings SA, Saint Simeon - e Investimentos, Lda, and WHI Group. The financing follows FDA marketing clearance and successful market launch of two new diagnostic applications developed by the Company for use in conjunction with its proprietary Ikoniscope® digital microscopy platform. The utility of the Ikoniscope has been validated through its successful adoption by the major U.S. clinical laboratory companies.

“This financing reflects the growth of our business and successful development of new test applications,” said Dr. Petros Tsipouras, Chairman and Chief Executive Officer of Ikonisys. “We are absolutely delighted that Goldman Sachs has joined our existing investors in further financing of the Company. The additional capital provides Ikonisys with the support necessary to fulfill upcoming clinical milestones and further the development and launch of new proprietary tests within our oncoFISH and fastFISH product lines for the diagnosis and management of cancer and for women’s health applications.”

The Ikoniscope is the only fully automated microscopy platform that provides true walk-away functionality, allowing scanning and preliminary analysis of slide samples to take place in real time. This robust platform supports the automation of existing tests as well as the Company’s advanced rare cell detection tests, which are designed to provide non-invasive yet highly accurate alternatives to both existing invasive, high accuracy diagnostic tests and less accurate, non-invasive diagnostic tests.

The Company anticipates releasing the first two of its proprietary rare cell detection tests in 2008. These tests are designed to provide a non-invasive method for the prenatal detection of chromosome abnormalities in the fetus and early detection of cancer.

About Ikonisys

Ikonisys develops, commercializes and markets a digital microscopy platform and proprietary diagnostic applications that increase throughput and improve the accuracy of diagnostic screening in the areas of cancer diagnosis and management, prenatal detection of genetic disorders and fertility. The Company has developed two product lines, oncoFISH™ for cancer diagnostics and monitoring and fastFISH® for the prenatal detection of genetic disorders, which are designed to run on the Company’s proprietary Ikoniscope robotic digital microscopy platform. Additional information about Ikonisys and the Company’s products can be found at www.ikonisys.com.