By E. Janene Geiss
Philadelphia, Oct. 14 - Verax Biomedical, Inc. announced Friday that it closed a $15 million series B private placement with a syndicate of leading investors.
KB Partners was the lead investor and was joined by new investors CNF Investments, SightLine Partners, Teknoinvest and Long River Ventures, and existing investor BioVentures Investors.
Adams Harkness acted as placement agent and financial advisor to Verax, company officials said in a press release.
Verax will use the financing to complete development and begin commercialization of its first product, the Platelet PGD test, which is a rapid, easy-to-use, test for the sensitive and specific detection of bacterial contamination of platelets immediately prior to transfusion, officials said.
"We believe Verax has developed the leading platform for the detection of bacterial contamination of blood products and other cellular material," said Bob Zieserl, managing director at KB Partners.
Verax, based in Worcester, Mass., is focused on the development of rapid tests designed to detect a broad range of bacterial contaminants based upon its proprietary Pan Genera Detection (PGD) technology. Bacterial contaminants in platelets and red blood cells represent the greatest lethal infectious risks in the blood supply. More than 17 million patients receive more than 60 million units of these individual blood components annually in North America, Europe and Asia.
| Issuer: | Verax Biomedical |
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| Issue: | Series B private placement
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| Amount: | $15 million
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| Investors: | KB Partners (lead), CNF Investments, SightLine Partners, Teknoinvest, Long River Ventures, BioVentures Investors
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| Announcement date: | Oct. 14
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