BioMedomics, a startup that is developing tools for personalized medicine including point-of-care diagnostics, has secured $690,000 in new financing.
It’s the first outside equity the privately held company has raised. Among the investors is Triangle veteran executive Tom Roberg.
The company plans to add scientific staff and fund further product development with the new capital.
BioMedomics, which in the past has received support from the North Carolina Biotechnology Center, is developing diagnostic platforms as well as disease-specific point of care diagnostics tests in a market valued at $16 billion.
Overall, BioMedomics has raised $6 million in non-dilutive capital, including grants.
Among early funders was the U.S. Army, which provided a $120,000 Small Business Innovation Research grant.
“We are thrilled to have such strong support and validation of our technologies from these experienced diagnostics investors,” said Dr. Frank Wang, CEO of BioMedomics, “Our prior grant funding has made it possible to establish an excellent group of diagnostic products. This investment will provide us the ability to focus our efforts on the next stage developmental milestones necessary for additional non-dilutive grants or follow-on capital. We are extremely excited about the potential this funding brings to BioMedomics.”
The firm launched in 2006.
BioMedomics wants to bring the same degree of sophistication to point of care casts as provided by central lab testing.
Wang is a co-founder of the firm.
In 2008, BioMedomics received a $750,000 SBIR grant from the National Institutes of Health. The company also joined the Hamner Institutes for Health Science’s Accelerator for Translation Bioscience program.
The North Carolina Biotechnology Center backed the company in 2007 with a $25,000 loan.