BERKELEY, Calif.--(BUSINESS WIRE)--Newomics Inc., a biotechnology company developing and commercializing mass spectrometry solutions for molecular detection applications, today announced the closing of their $7.9 million Series B financing, led by MSA Capital. Joining the round are new investor LDV Partners, and existing Series A investors, including the Berkeley Catalyst Fund and the Photon Fund.
Daojing Wang, Ph.D., Newomics' founder and CEO, says the proceeds will be used to launch new products, grow the sales and marketing team, enhance customer support, and expand the collaborations with prominent mass spectrometer vendors. Towards those goals, Newomics recently announced a new product MnESI-MS platform for clinical diagnostics and drug discovery research, completed the second co-marketing agreement with Thermo Fisher Scientific, and filled several positions in sales and marketing.
“We are excited to continue our partnership with Newomics. Their new product launches and sales success with frontrunners like Regeneron exemplifies their innovative technology and showcases the industrious team driving the company forward,” said Ben Harburg, Managing Partner at MSA Capital, referring to a recent publication by Regeneron that was enabled by Newomics’ award-winning M3 emitter for mass spectrometry.
Ted Hou, Ph.D., Managing Partner at Berkeley Catalyst Fund, said, “This round will allow Newomics to accelerate their growth and bring products to a market hungry for new advances. We believe that Newomics’ technology has the potential to elevate clinical diagnostics and drug discovery research.”
Wang says the next product in the pipeline is a multinozzle emitter array (MEA) technology. “The MEA will increase both the sensitivity and robustness of LC-MS and allow for even higher-throughput experiments. We are thrilled to have new funding to bring this to market in 2021,” he said. Wang and colleagues including co-founder Pan Mao invented the MEA technology at the Lawrence Berkeley National Laboratory.
Newomics Inc. is dedicated to creating and commercializing innovative (New) and integrative (Omics) platforms and solutions for precision medicine. The company’s products deliver the robustness of microflow LC and the sensitivity of nanospray ionization MS. The plug-and-play MnESI platform (MnESI source + M3 emitter) is currently interfaced to diverse MS instruments and can be ordered at www.newomics.com.
About MSA Capital
Founded in 2014, MSA Capital is an independent global private equity and venture capital firm with over $1.5 billion under management. MSA actively partners with outstanding entrepreneurs globally to build leading, innovative companies that aim to deliver strong financial returns and meaningful, positive social impacts. For more information, please visit: www.msacap.com.