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Plasmonix Completes Initial Round of Funding
Posted June 20, 2011
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Early revenues will drive growth in the biological assay market
Plasmonix, Inc., a life science products company, announced today that is has closed on a $1.5M Series A equity financing led by Maryland Healthcare Product Development Corporation. Plasmonix was spun out of the University of Maryland Baltimore County to commercialize Metal Enhanced Fluorescence (MEF) discoveries made at the University's Institute of Fluorescence.
"MEF is poised to transform the use of fluorescence and luminescence in a wide range of industries, with particular relevance to biological assays" said William Gust, CEO. He further stated: "Fluorescence is the most prevalent molecular and cellular detection technology used today in medical research and clinical diagnostics. Plasmonix' ability to increase fluorescent signals enormously represents a breakthrough in assay sensitivity that will permanently alter the medical research and clinical diagnostics landscape."
When fluorescence markers are attached to biological molecules such as proteins or genes, they enable detection in minute quantities. MEF dramatically enhances the emitted light signal, facilitating detection to as low as several hundred molecules, which was heretofore not possible. Other technologies under development by Plasmonix includes a cell lysis device that uses microwave energy to break open the contents of bacteria and cells to enable detection of their molecular contents and genetic fingerprint.
The Company's founders are William Gust, President & CEO, Dr. John Holaday, Chairman, and Dr. Chris Geddes, Chief Scientific Officer and inventor of MEF. Rounding out the management team are Dr. Sean Higgins, VP Business Development, and James Russo, VP Manufacturing & Process Development. Joining Holaday and Gust on the Plasmonix Board of Directors are Dr. Jesse Baumgold and Dr. Ed Rudnic, prominent and successful entrepreneurs in the Maryland life science community.
Plasmonix has established a laboratory and administrative offices at the UMBC Technology Center close to the UMBC campus. The Company is generating revenues from the sale of a range of assay and diagnostic products. Several key relationships with leading assay and clinical diagnostic companies are underway that will enable the rapid growth of Plasmonix over the coming year..
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