BRANFORD, Conn.--(BUSINESS WIRE)--Tangen Biosciences, Inc., a molecular diagnostic company located in Branford, Connecticut, announced that it has closed a $9 million Series A equity round led by Connecticut Innovations (CI), with participation of current and new stockholders, including VC23, Axiom, and Leading Edge Ventures. The financing proceeds will be used to accelerate the company’s innovative platform TangenDx™ to the clinic for two infectious disease tests.
TangenDx™ is a novel isothermal nucleic acid detection platform that enables molecular diagnostic technology to move out of traditional laboratories by providing low cost, portable, and rapid diagnostic capabilities with unparalleled sensitivity for a variety of applications.
“We are impressed by the development of TangenDx™”, said Daniel Wagner, Senior Managing Director of Venture Capital Investments at CI. “The future of diagnostics lies in decentralized testing, and TangenDx™ will bring high quality molecular testing out of the traditional laboratory setting into doctors’ offices, pharmacies, and health-care providers in areas with limited infrastructure.”
Tangen Biosciences is led by CEO, Richard C. Birkmeyer, PhD, an experienced executive who joined the company in November 2018. Rick previously led two start-up diagnostic companies from infancy to successful exits. Tangen also expanded its management team to include Keith Kardos, PhD, acting VP of Clinical Affairs, and Anne Cavanaugh, Director of Finance. Keith has over 25 years of experience managing R&D programs. Keith was formerly employed as the VP of R&D for OraSure Technologies, Inc. and VP of Clinical Affairs for CD Diagnostics. Anne is a successful entrepreneur who co-founded Strategic Diagnostics Inc. (SDI). Strategic Diagnostics became a public company and grew to a $200 million market capitalization with over 200 employees.
In anticipation of a 2020 product launch, Tangen Biosciences will be relocating its office to a new 16,200 square foot facility located in Branford, CT in August 2019.
“I am very excited to be part of Tangen Biosciences. The technology developed by John Nobile and Dr. John Davidson is second to none. A recent evaluation by a third party demonstrated that our technology out-performs any of our competitors by 10X for clinical sensitivity. We will launch two 510(k) clinical studies this year, utilizing product produced in our cGMP-compliant, ISO 8 facility,” said Rick Birkmeyer, President and CEO of Tangen Biosciences.
About Tangen Biosciences:
Tangen Biosciences, Inc. was founded in 2013 and is located in Branford, Connecticut. The company developed the TangenDx™ platform for fast and accurate detection of targeted DNAs and RNAs directly from specimens by using rapid isothermal nucleic acid detection. Use of Tangen’s system, which does not require laboratory facilities and delivers faster, simpler, more sensitive detection; at lower cost than existing commercial technologies. The TangenDx™ platform is on track for infectious disease clinical trials. To learn more, please visit: http://tangenbio.com/
About Connecticut Innovations:
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut's innovative, growing companies. To maximize growth potential, CI provides venture capital and strategic support for early-stage technology companies; financial support for innovation and collaboration; and connections to its well-established network of partners and professionals. For more information, please visit https://ctinnovations.com/
This press release contains “forward-looking statements” concerning the development and future commercialization of the company’s products, the potential benefits and attributes of such products, and the company’s expectations regarding its prospects. Forward-looking statements are subject to risks, assumptions and uncertainties that could cause actual future events or results to differ materially from such statements. These statements are made as of the date of this press release. Actual results may vary. Tangen Biosciences undertakes no obligation to update any forward-looking statements.