Albuquerque, New Mexico (PRWEB) May 06, 2013
IntelliCyt Corporation, a leading provider of assay screening solutions for phenotypic drug discovery, antibody discovery and in vitro toxicity testing, today announced it has completed an $8 million financing round.
The financing was led by new investor Arboretum Ventures with participation from existing investors Prolog Ventures, Verge Fund, and New Mexico Community Capital. In connection with the financing, Tim Petersen and George Dunbar of Arboretum Ventures will join IntelliCyt’s Board of Directors.
“We are delighted to have Arboretum Ventures lead the financing and are grateful for the continued support of our existing investors. Arboretum has a great track record of investing in successful life science companies,” said R. Terry Dunlay, President and CEO of IntelliCyt. “We are seeing a significant acceleration in customer adoption and these funds will enable the company to expand our commercial efforts globally, grow manufacturing capacity, and expand our suite of reagent kits.”
IntelliCyt’s platform for cell and bead-based screening, the iQue™ Screener, has industry leading performance in both throughput and ease of use. Patented micro-volume sample delivery and rapid processing allow high content, multiplexed assays to be completed in minutes per microplate. Combined with application-specific MultiCyt™ reagent kits and powerful ForeCyt® software data analysis capabilities, IntelliCyt is enabling researchers in many fields to screen large libraries quickly.
“We believe IntelliCyt’s innovative assay screening solutions will play an important role in high-growth research markets throughout the life sciences,” stated Tim Petersen, Managing Director at Arboretum. “IntelliCyt has shown consistent sales growth since their inception and with this new funding is now positioned to accelerate their growth and enhance their position as a leader in the cell and bead-based screening markets.”
About IntelliCyt Corporation
IntelliCyt Corporation develops innovative, high-throughput, high-content cell and bead-based screening solutions for use in phenotypic drug discovery, antibody discovery and in vitro toxicity testing. IntelliCyt’s proprietary technologies, instrumentation, assays and software products address the pervasive need to provide turnkey solutions that increase productivity in pharmaceutical, biotechnology, and life science research. For more information, please visit http://www.intellicyt.com.
About Arboretum Ventures
Arboretum Ventures is a venture capital firm specializing in the healthcare sector. More than simply a financial resource, Arboretum is a collaborative, value-added investor actively engaging their portfolio companies in strategy, operations, recruiting, fundraising, and exit planning. Arboretum aims to transform young companies into mature and thriving businesses that improve patient outcomes and lower the cost of care, thereby generating superior returns for the entrepreneurs and our investors. Founded in 2002 and headquartered in Ann Arbor, Michigan, Arboretum currently manages approximately $235 million in capital. For more information, please visit http://www.arboretumvc.com.