Therapy Areas: Infectious Diseases
Tangen Biosciences Announces USD 9m series A Financing to Accelerate Development of Disruptive Molecular Diagnostic Platform
26 June 2019 - - US-based molecular diagnostic company Tangen Biosciences, Inc has closed a USD 9m series A equity round led by Connecticut Innovations, with participation of current and new stockholders, including VC23, Axiom, and Leading Edge Ventures, the company said.
The financing proceeds will be used to accelerate the company's innovative platform TangenDx to the clinic for two infectious disease tests.
TangenDx is a novel isothermal nucleic acid detection platform that enables molecular diagnostic technology to move out of traditional laboratories by providing low cost, portable, and rapid diagnostic capabilities with unparalleled sensitivity for a variety of applications.
Tangen Biosciences is led by CEO, Richard C. Birkmeyer, PhD, an experienced executive who joined the company in November 2018.
Birkmeyer previously led two start-up diagnostic companies from infancy to successful exits. Tangen also expanded its management team to include Keith Kardos, PhD, acting VP of Clinical Affairs, and Anne Cavanaugh, director of Finance.
Keith has over 25 years of experience managing R and D programs. Keith was formerly employed as the VP of R and D for OraSure Technologies, Inc. and VP of Clinical Affairs for CD Diagnostics.
Anne is a successful entrepreneur who co-founded Strategic Diagnostics Inc.
Strategic Diagnostics became a public company and grew to a USD 200m market capitalization with over 200 employees.
In anticipation of a 2020 product launch, Tangen Biosciences will be relocating its office to a new 16,200 square foot facility located in Branford, CT in August 2019.
Tangen Biosciences was founded in 2013 and is located in Branford, Connecticut.
The company developed the TangenDx platform for fast and accurate detection of targeted DNAs and RNAs directly from specimens by using rapid isothermal nucleic acid detection.
Use of Tangen's system, which does not require laboratory facilities and delivers faster, simpler, more sensitive detection; at lower cost than existing commercial technologies. The TangenDx platform is on track for infectious disease clinical trials.
Connecticut Innovations is the leading source of financing and ongoing support for Connecticut's innovative, growing companies.
To maximise growth potential, CI provides venture capital and strategic support for early-stage technology companies; financial support for innovation and collaboration; and connections to its well-established network of partners and professionals.
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