|ImmunArray Completes $1.2 Million Financing Round|
Lead investor is Virginia Life Science Investments
Rehovot, Israel and Richmond, VA – May 3, 2010 – ImmunArray, developer of a groundbreaking in-vitro diagnostic platform system, the iCHIP,is pleased to announce the completion of a $1.2 million financing round, led by Richmond-based, Virginia Life Science Investments, LLC. The investment round also included funds from existing investors and constitutes a significant milestone for ImmunArray as it enters into its next phase of development.
“Immunarray has developed a proprietary diagnostic technology that has the capability of revolutionizing the personal medicine industry”, said Paul Rocheleau, VLSI Chairman. “We view Immunarray as a key technology platform with its technique of using the immune system as a source of information about the state of the body.”
ImmunArray’s cost-effective early diagnostic and therapy monitoring technology profiles the antibody repertoire in blood, saliva or other body fluids. These profiles will be used for early diagnosis of auto-immune diseases, inflammatory diseases, cancer and other disorders, as well as for selecting the most suitable treatments for, and monitoring therapy responses of individual patients. The Company holds an exclusive, worldwide license from the Weizmann Institute of Science to develop and commercialize the ImmunArray iCHIP technology. Additionally, the Company has recently entered into a funded collaborative R&D program with a major pharmaceutical company to enhance the patented technology for individual pre-screening of therapeutic regimes.
ImmunArray’s management team has been expanded to include Idan Tamir, PhD. who will serve as VP Business Development. Tamir, who previously was President and CEO of the Rad BioMed Accelerator in Tel-Aviv, Israel, brings over 15 years of academic and industrial experience to the company.
Upon completion of the financing, Donna Edmonds, CEO of Virginia BioSciences Commercialization Center, a wholly owned subsidiary of Virginia Life Science Investments, LLC, will be appointed to the Board of Directors. Ms Edmonds brings over 20 years of experience in the development, commercialization and successful exits of diagnostics companies to the company.
The ImmunArray technology platform offers a series of promising applications based on the detection of immunologic responses to disease. The $1.2 million in additional financing will provide the necessary support to enable the company to complete further refinement of the platform, and focus on key applications in preparation for the next phase of product development.