KNOXVILLE, TN—Protein Discovery Inc., which makes products that simplify biological sample preparation for mass spectrometry applications, has closed a $10 million Series C round of equity financing. Sante Ventures led, with previous investors participating, including Memphis Biomed Ventues, the Southern Appalachan Fund and the Nashville Capital Network.
The company will use the funds to boost market entry of its flagship product, the Passport 1200 Sample Prep System.
“Protein Discovery has developed a unique product that significantly improves the otherwise cumbersome process required to prepare biological samples for mass spectrometry analysis in common life science R&D applications such as protein biomarker discovery and small molecule quantification,” said Kevin Lalande, managing director of Sante Ventures .
“By simplifying multiple sample preparation steps into a single-step, parallel format disposable cartridge, the product allows customers to generate more reliable data faster, easier, and at a lower cost. The technology addresses a key pain point, which combined with a quality management team, makes Protein Discovery a promising investment for us.”
Lalande will join Protein Discovery’s Board of Directors.
The Passport System is used to prepare clinically relevant biological samples for analysis by mass spectrometry. Up to 96 samples can be prepared for analysis in less than an hour, compared to days using existing techniques. The system is in use at six leading mass spectrometry centers throughout the world.
“There’s still too much ‘artistry’ involved in conventional methods of sample preparation for mass spectrometry,” said Chuck Witkowski, president and chief executive officer of Protein Discovery. “By directing our efforts toward simplifying the process, we aim to allow mass spectrometry to grow steadily into exciting high-volume clinical applications.”
On the Web: www.proteindiscovery.com; www.santeventures.com
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