IRVINE, Calif.--(BUSINESS WIRE)--PhageTech, Inc. today announced that it has raised $2.4 million in Series A funding from a group of early stage investors co-led by Mark IV Capital and Black River Investments. Proceeds will be used to complete development and FDA clearance of its revolutionary PhageTech Biosensor™ technology.
The closest thing to a cure for cancer is early detection. PhageTech Biosensors will enable early detection of cancers and other diseases while making disease detection instantaneous, simpler, affordable, near patient and readily accessible world-wide.
CEO Richard Henson states, “Our technology enables an entire new category of near patient testing with tremendous benefits in portability, simplicity, time to result and cost over the current standard in lab-based diagnostics (e.g. sending samples out to a lab and waiting for results). The entire diagnostic test is contained in a chip the size of a postage stamp without compromising accuracy, enabling physicians to make instant treatment decisions. Our vision is to develop PhageTech Biosensors and readers for physicians as well as patients (e.g. through an app on a cell phone). It will especially have enormous implications for developing countries with minimal resources who are in need of simple, low cost, near patient testing. Our goal in 10 years is to touch over one billion people.”
Developed with NIH funds at the University of California, Irvine, the PhageTech Biosensors will be interfaced with portable readers enabling inexpensive, quantitative, near patient testing in under one minute providing physicians with real-time valuable information for quicker diagnoses, treatment and improved patient outcomes.
Mark IV Capital is a privately held investment firm founded in 1974. The company primarily acquires, invests in, develops, and manages commercial projects utilizing a long-term approach to deploy capital in markets where existing drivers will propel future value. As an investor, Mark IV Capital has invested in a wide variety of investment vehicles including funding real estate projects for developers; investing in hedge funds, venture capital funds, long equity funds; and providing direct equity to existing and start-up entities.
Black River Investments, LLC provides private equity investments and is comprised of both operating and investment professionals experienced in helping companies expand their businesses.