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September 29, 2008

 

QuadraSpec Focuses On

Break-Even With $5M

By Jonathan Matsey - VentureWire Professional

West Lafayette, IN - (September 29, 2008) -

Quadraspec Inc., a developer of immunoassay tests, has raised $5 million in Series C financing to bring the company to break-even, the company told VentureWire.

New investor Clarian Health Ventures led the round, joined by existing investors EDF Ventures, 1st Source Bank and Spring Mill Ventures along with angels, said Dick Aderman, president and chief operating officer at Quadraspec. He said this was an up round, but declined to give the valuation.

Based in West Lafayette, Ind., Quadraspec was founded in 2004 with technology licensed from Purdue University. The company is developing reagent-free molecular assay devices and tools using its proprietary Spinning Disk Interferometry technology.

Although focusing largely on the human health market, Quadraspec has been selling into the veterinary space since last year. Aderman said the company has nearly $2 million in billed invoices for veterinary diagnostics, up from $1 million in March.

Aderman said the company is in discussion with potential customers for human applications of its technology. "We would expect to have a couple of announcements in the next few months," he said.

With revenue already coming in at a steady rate, Aderman said, the addition of the larger human market will be sufficient to take the company into the black, although he declined to provide a specific timeframe. "We think that this round, along with the veterinary revenue and the upcoming partnerships, will take us to cash-flow positive," he said. "We think this will be our last round."

Prior to this round, Quadraspec raised $18 million, most recently receiving about $9 million in Series B financing last October.

As a result of the new financing, Matt Neff, president and chief executive of Clarian Health Ventures, has joined Quadraspec's board.

Quadraspec has 46 employees.

http://www.quadraspec.com

 


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