BioTrove Raises $5.25 Million in Venture Financing
Two New Members Appointed to Board of Directors
Cambridge, MA, October 16, 2002 – BioTrove, Inc. announced today that it raised $5.25M in a second round of private equity financing, from a syndicate of new investors, to expand the company’s two core platforms that improve the efficiency and productivity of drug discovery. The round was led by Catalyst Health and Technology Partners, and includes investments from CB Health Ventures, Zero Stage Capital and BioFrontier Partners. In addition, the company appointed Mr. Joshua S. Phillips, a managing director at Catalyst Health and Technology Partners, and Dr. Enrico Petrillo, a general partner at CB Health Ventures LLC, to the Board of Directors.
BioTrove is addressing the demanding pressure to screen more targets, find high quality leads, and develop more effective assays through the development of its proprietary Living Chip™ and Lab-on-a-Tape™ technologies. Consisting of a high-density array of through-holes in a planar substrate, the Living Chip allows the rapid initiation and parallel analysis of up to
24, 576 samples in nanoliter-scale reaction volumes, far exceeding the capacity of current technologies. The Lab-on-a-Tape system combines nanoliter volumes with automated high throughput analysis for rapid screening and assay development. BioTrove’s first commercial collaboration is an agreement with Pfizer, Inc. for Lab-on-a-Tape.
“This financing is a strong endorsement of the substantial progress we have made in developing our core nanofluidic platforms and validates the potential value our technologies bring to customers,” said Colin J.H. Brenan, Ph.D., President and Chief Executive Officer of BioTrove. “These funds will significantly strengthen our ability to address market opportunities in drug discovery, genomic screening and protein engineering. Having assembled such a strong group of investors, we can now leverage the experience and resources needed to further build the company.”
“We are pleased to be a part of the BioTrove team as it commercializes two exciting nanofluidic platforms that will bring dramatic benefits to the drug discovery process,” said Joshua S. Phillips of Catalyst Health and Technology Partners. He added, “These technologies will significantly reduce assay development time, reagent costs, screening time and expense, enabling more rapid discovery.”
“We believe BioTrove’s nanofluidic technology is a powerful new approach as an integrated platform for drug discovery,” said Dr. Enrico Petrillo of CB Health Ventures LLC. He added, “We are proud to support BioTrove as the company moves into the next phase of corporate development and commercialization of its unique systems, further positioning BioTrove as a leader in the field of nanofluidic drug discovery and development.”
Joshua Phillips brings to BioTrove’s Board fourteen years of experience in building businesses gained through positions in venture capital, strategy consulting, management, and engineering. He has developed a unique perspective on business through these experiences at Pratt and Whitney Aircraft, Russelectric, Inc., the Lucas Group, and MI3. Josh’s investment interests at Catalyst span both the life sciences and technology markets, with particular interest in drug discovery tools and enterprise software. Mr. Phillips has led Catalyst’s investments in Novazyme Pharmaceuticals, Inc., Akula Software, Inc., BioTrove, Inc., and Castel, Inc. He is a Director of Castel, a Director of BioTrove, and Chairman of Akula Software. Mr. Phillips earned his BE in Electrical Engineering and Mathematics from Vanderbilt University and his MBA from Harvard Business School.
Dr. Enrico Petrillo is a General Partner of CB Health Ventuers, LLC and brings to BioTrove’s Board of Directors a strong background in strategic management, venture capital and private equity financing for pharmaceutical, healthcare and biotechnology industries. Prior to joining CB Health Ventures, he served as Senior Consultant from 1984-1996 and as Partner and Head of Healthcare Commercialization from 1991-1996 at Fletcher Spaght. He is presently an Adjunct Assistant Professor of Medicine at Boston University School of Medicine and Boston Medical Center. Dr. Petrillo serves as a director on the boards of U.S. Genomics, Inc., Spherics, Inc., Expressgen, Inc., and Morphotek, Inc. In addition, he was a venture investor in eBenX, and also contributed to Exact Sciences and XCare.net as a venture investor and board member. Dr. Petrillo received his BS and MD degrees from Tufts University and its School of Medicine.
BioTrove Inc. is a privately held, biotechnology company focused on leveraging revolutionary micro- and nano-scale engineering solutions to overcome current bottlenecks in pharmaceutical drug discovery and biotechnology. BioTrove has two core nanofluidic platforms: the Living Chip™ and the Lab-on-a-Tape™. BioTrove offers integrated nanoliter storage and ultra high throughput screening solutions for drug discovery, genetic engineering, diagnostics and materials science. For more information on BioTrove, please visit the company’s Web site at www.biotrove.com.
About Catalyst Health and Technology Partners
Catalyst Health and Technology Partners (www.catalystpartners.com) is a venture capital firm dedicated to helping promising early-stage health care, life science, and technology ventures grow.
About CB Healthcare Fund
CB Health Ventures (www.health-ventures.com) manages $150 million of private equity funds focused on investment opportunities in life sciences, medical devices, healthcare services and medical information technology.
About Zero Stage Capital
Founded in 1981, Zero Stage Capital (www.zerostage.com) is a venture capital firm that invests in emerging growth companies in the following technology sectors: information technology, communications, life sciences, and energy technology.
About BioFrontier Partners Inc.
BioFrontier Partners, Inc. (www.biofrontier.co.jp) is a leading Japanese venture capital firm focused on life sciences with more than $100 million under management.