|ImmunArray Completes First Close on Financing Round|
Presents Data at American Transplant Congress (ATC) in June
Lead investor is Virginia Life Science Investment
Rehovot, Israel and Richmond, VA – April 13, 2012 – ImmunArray, developer of a groundbreaking in-vitro diagnostic platform system, the iChip™, is pleased to announce the completion of the first close of over $3M of an up to $5M funding goal to support product launch in 2013. The round is being led by Richmond-based, Virginia Life Science Investments, LLC. The investment round included funds from existing investor, the Lazlow Tauber Foundation. The company will also present preliminary data at the American Transplant Congress regarding detection of allograft rejection, initially in kidney transplant. These data were developed in conjunction with academic centers with major transplant programs.
“Immunarray has developed a proprietary diagnostic technology that has the capability of revolutionizing the personal medicine industry,” said Donna J. Edmonds VLSI CEO and Chairman of ImmumArray. “We view Immunarray as a key technology platform in our portfolio of maturing companies; its approach and techniques by using the immune system as a source of information has proven to be important in both pharmaceutical drug development and the early detection of critical shifts in 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 can be used for a broad series of applications such as diagnosis and prognosis in autoimmune diseases, inflammatory diseases, cardiovascular disease, cancer and other disorders. It can also be used 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. It also has an expanding intellectual property portfolio around disease specific applications. Additionally, the Company has completed a funded collaborative R&D program with a major pharmaceutical company to enhance the patented technology for individual pre-screening of therapeutic regimes. It is in discussion with selected other pharmaceutical companies at this time as well.”
“This current fundraise demonstrates a further endorsement of our technology and business model as we continue to meet the milestones for launch of our first marketed diagnostic test in kidney transplantation”, Scott Batty MD, ImmunArray, Ltd. CEO added. “The initial data surrounding this test has been accepted for presentation at this year’s American Transplant Congress in Boston. This presentation to the premier annual meeting of the transplant medical and scientific community highlights a peer review acceptance of the novelty and interest in this technology for solving real clinical problems. We are also encouraged by the extensive interest from the pharmaceutical community in assessing where our technology can meet their needs and improve their development efficiency and likelihood of commercial success in selected products. We are grateful for endorsement by our investors and this investment validates our multiple channels for commercial success and demonstrates continued support in our ability to execute on the programs currently underway.”
ImmunArray was founded in February 2006 under the auspices of The Rad-Biomed Accelerator. The original technology was developed at the Weizmann Institute in Rehovot by the world-renowned immunologist Prof. Irun Cohen MD, PhD, ImmunArray’s CMO, and by Prof. Eytan Domani, who worked on the technology development for 10 years prior to formation of the company. ImmunArray's Chief Executive Officer, D. Scott Batty MD brings over 20 years of experience in the field of transplant medicine and the management of portfolios of pharmaceutical products in the transplantation and oncology sectors. The company is privately held. For more information: www.immunarray.com/
Virginia Life Science Investments is a business development company that invests in high-quality, primarily off-shore life science companies. The portfolio is primarily focused on companies that specialize in medical devices and diagnostics and range from simple devices through platform technologies. Their wholly owned subsidiary, VBCC, provides services that accelerate the development and growth of these bioscience companies, helping to mitigate risk and increase overall valuation. The goal is to minimize investment risk by assuring the commercialization of the various technologies is efficiently and effectively managed with VBCC serving as a strategic partner. The VLSI was founded in 2009 and is a for-profit company, supported by private capital. For more information: www.vbcc-inc.com