$3.7m for Advanance's "direct detection" molecular Dx tech:
This article was originally published in Clinica
Executive Summary
Canadian start-up Adnavance Technologies is pushing ahead with development of its metallised-DNA (M-DNA) technology using the $3.7m it raised in a series B financing. The round was led by the Working Opportunity Fund, which is managed by GrowthWorks Capital, JovInvestment Management and Business Development Bank of Canada. Vancouver, British Columbia-based Adnavance is developing a direct detection molecular diagnostic technology, which eliminates the need for amplification of the DNA/RNA in the patient's sample. This allows hospitals and smaller independent labs to conduct their own testing, said Adnavance. The company will initially develop an M-DNA test for MRSA, which is expected to hit the market in 2010. In conjunction with the financing, Adnavance also announced the appointment of Randy White as CEO. Dr White's molecular diagnostics experience includes serving as CEO for Xenomics and Nanogen.