Bioarray Genetics, a personalized medicine startup, announced today that it has received $4 million in Series B equity financing from Quark Venture and GF Securities through its Global Health Science Fund and Connecticut Innovations.
Bioarray, a personalized medicine startup at the UConn Technology Incubation Program (TIP) in Farmington, is a molecular diagnostic company developing predictive cancer treatment testing technology. The platform, consisting of unique genes and proprietary algorithms, provides patient-specific information on the optimal course of treatment.
Bioarray will use this funding to bring their first product, BA100, to clinicians and conduct research and development on other tests in the company’s pipeline, including those for metastatic breast and colon cancer treatment.
“Bioarray’s unique approach to developing a diagnostic test is an excellent example of how genomics advances personalized medicine. BA100 has the potential to affect oncology care in the very short term by preventing patients from being exposed to ineffective chemotherapy and unnecessary toxicity. Bioarray’s clinically validated tests are unique; there is nothing else on the market to address this need,” said Karimah Es Sabar, Chief Executive Officer of Quark Venture and Director of the GHS Fund.
BA100 is a breast cancer diagnostic test that provides actionable information on patient response to the standard of care chemotherapy treatment. BA100 is able to identify the population of triple-negative breast cancer patients with the worst survival rates and who would benefit from more aggressive treatment. Bioarray’s test isolates RNA biomarkers from the initial tumor biopsy and, in combination with the proprietary algorithms of the company, can predict the patient’s response prior to treatment.
This test is currently intended for patients with stage 1, 2 and 3 non-metastatic breast cancer and is administered immediately after diagnosis before the doctor decides on the patient’s treatment plan.
“We invested in Bioarray at the earliest stage of the company’s development,” said Pauline Murphy, senior investment manager at Connecticut Innovations. “We’re excited to see the company progress to this stage and look forward to their continued success in the future. “That’s right.
According to Marcia Fournier, CEO and Founder of Bioarray, this funding provides critical support for the start-up to continue developing technology that reduces healthcare costs and improves the quality of life of patients.
“This new funding will enable Bioarray to fulfill our mission to eliminate trial and error in the treatment of cancer patients. We are excited about our growth and the ability to expand our team with diverse skills and expertise,” said Fournier.
Originally based in Cambridge, Massachusetts, Bioarray chose to locate its start-up in Connecticut due to a vibrant entrepreneurial ecosystem and a robust state investment in bioscience, Fournier said. It credits UConn’s Technology Incubation Program to allow it to move from a virtual company
“UConn is committed to supporting growing technology startups that will help continue to position Connecticut as a bioscience hub,” said Radenka Maric, UConn’s Vice President for Research. “From world-class faculty experts to state-of-the-art facilities to our proximity to The Jackson Laboratory for Genomic Medicine-UConn has an enormous amount to offer to these companies. “That’s right.
Bioarray plans to explore other applications for its technology platform, which could serve as a valuable tool for pharmaceutical companies in the research and development of drugs. The technology provides a novel insight into the response mechanism and interconnected cellular pathways and could be used to stratify patients in clinical trials, as well as develop companion diagnostics to improve response rates to specific treatments.
Global Health Science Fund
The Global Health Science Fund was established jointly by Quark Venture Inc. and GF Securities at the end of 2016 The Global Health Science Fund is a health sciences venture fund that invests globally in a diversified portfolio of innovative biotechnology and health science companies addressing unmet medical needs through innovations in drug development, medical devices, health IT and emerging convergence technologies.
About Connecticut Innovation
Connecticut Innovations (CI) is the leading source of funding and ongoing support for Connecticut’s innovative, growing companies. To maximize the growth potential of each business, CI tailores its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support to early-stage technology companies; grants that support innovation and collaboration; and links to its well-established network of partners and professionals. Visit http://www for more information. Innovations in the ct Come on,
UConn Technology Incubation Program (TIP)
UConn Technology Incubation Program (TIP) is the only university-based technology business incubation program in Connecticut. Established in 2004, TIP pairs UConn’s world-class research resources, facilities and business support services with a network of experienced investors and entrepreneurs to help launch high-potential start-ups. Since 2004, the program has helped more than 90 companies with more than $50 million in grants and $135 million in equity and debt. https://Tip: Uconn’s Edu/Oh,
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