MILWAUKEE--(BUSINESS WIRE)--TAI Diagnostics, Inc., a diagnostics company focused on developing innovative diagnostic tests for monitoring the health of transplanted organs, today announced the final closing of an $8.2 million Series A financing. Investors participating in this financing round included Venture Investors, a Madison-based venture capital firm and other private investors. The proceeds of this financing will support on-going development of TAI’s innovative transplant monitoring technology, including additional research and development, clinical studies, and the establishment of a reference lab for the offering of its post-transplant monitoring assays.
TAI Diagnostics was founded in 2015 to further develop and commercialize patented cell-free DNA technology licensed from the Medical College of Wisconsin acting through its Office of Technology Development, for monitoring transplanted solid organs. Founders of the company include Dr. Michael Mitchell, a Harvard University trained Pediatric Cardiothoracic Surgeon at Children’s Hospital of Wisconsin and Dr. Aoy Tomita-Mitchell, an MIT educated Associate Professor and Research Scientist at the Medical College of Wisconsin. They were both also co-founders of Ariosa Diagnostics, a pre-natal screening company that was acquired by Roche.
All organs are susceptible to rejection after transplantation throughout the life of the patient. Although the company’s cfDNA technology will be further developed for monitoring of other transplanted organs, the initial focus of the company will be monitoring of heart transplant patients. “The gold standard for monitoring of the status of organ rejection is tissue biopsy. However, tissue biopsy is expensive, very invasive with risks for the patient, and limited in its timely indication of rejection,” said Dr. Michael Mitchell.
Concurrent with this financing, Frank Langley joined the company as Chief Executive Officer. Mr. Langley has more than 30 years of life science management experience with approximately 10 years of direct experience in transplant diagnostics in his roles as President & CEO of Pel-Freez Clinical Systems (now part of Thermo Fisher Scientific) and Vice President & General Manager of Transplant Diagnostics at Immucor.
“We are very excited to participate in the TAI Diagnostics financing and feel confident about the ability of its novel cfDNA technology to play a major role in the transplant diagnostics market. Our firm also knows Frank Langley well, and his deep and relevant experience in transplant diagnostics make us even more confident in TAI Diagnostics’ future,” said Loren Peterson, Managing Director at Venture Investors.