Microfluidics technology developer Advanced Liquid Logic has raised $1 million in new equity funding, according to a filing with the SEC.
In a notice on Aug. 3, Chief Executive Officer Richard West said the company is seeking to raise $3 million.
So far, the company has raised $1,000,001.25, the filing notes.
In April, the Morrisville-based company announced a tentative partnership with GenMark Diagnostics (Nasdaq: GNMK) that would also give GenMark an equity stake. GenMark has agreed to license “electrowetting” technology from Advanced Liquid Logic to develop in-vitro diagnostics products.
Under the tentative partnership, GenMark will pay up to $3 million in license fees and milestones as part of an equity investment in Advanced Liquid Logic, GenMark said in a securities filing.
Advanced Liquid Logic is developing proprietary microfluidics technology that can precisely move tiny amounts of fluid using electric signals. The company calls the process “electrowetting.” The technology was originally developed at Duke University. ALL has developed this technology into its own products, one for genomics sample preparation and another to screen newborns for lysosomal storage diseases.