April 1, 2014 @ 4:31 pm

NeuMoDx Announces Completion of Series B Financing

Funds Product Development for High Throughput Molecular Diagnostic Platform

NeuMoDx Molecular, Inc., a privately held diagnostics company developing a new platform for high throughput, low cost molecular testing, today announced completion of its Series B financing. Pfizer Ventures led the $21 million Series B, which also included investment from Baird Capital, Venture Investors, and existing investor Arboretum Ventures. This financing will be used to fund development of the NeuMoDx 500 Molecular IVD System, a fully automated, random access platform capable of performing RNA and DNA-based assays. In addition to completing platform development, this funding will enable the company to pursue clinical trials and regulatory approvals for the system’s first assays.

 

“We are thrilled to have a strong investor syndicate supporting NeuMoDx during a critical period for the company,” said Jeff Williams, Founder and CEO of NeuMoDx. “We have made excellent progress over the past 24 months, and are now ready to accelerate development and validation of this exciting platform. The molecular diagnostic market continues to grow, and we see a great unmet opportunity for a system with improved workflow and a lower cost per test.”

 
“Molecular diagnostics are of increasing importance to the pharmaceutical industry as it pursues precision medicine approaches to new therapeutics.” added Bill Burkoth of Pfizer Ventures. “The NeuMoDx team has a deep understanding of the markets and technology in the space, and has designed an IVD platform intended to significantly reduce the cost, time, and complexity of conducting molecular-based tests for precision medicine.”

 
NeuMoDx began operations in 2012 after closing a $5 million Series A financing with Arboretum Ventures. Wolverine Venture Fund, a student-led venture capital fund at the University of Michigan, also participated in the Series A and B financings.

 

About NeuMoDx:
NeuMoDx Molecular, Inc. will provide hospital and clinical reference laboratories with a superior solution for in vitro molecular diagnostic testing. The NeuMoDx platform will offer significantly improved ease of use, considerably lower costs and dramatically higher performance as compared to other systems for nucleic acid testing. The company is led by Jeff Williams (Founder & CEO) and Sundu Brahmasandra (President), who have demonstrated success in building in vitro diagnostic companies, including HandyLab, a molecular diagnostic company which sold for $275 million in 2009.

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April 26, 2011 @ 1:50 pm

MVCA Entrepreneur of the Year Jeff Williams lands at Life Magnetics

Xconomy: “Serial Entrepreneur Jeff Williams To Lead Life Magnetics”
Thomas Lee
4/25/11

If it ain’t broke, don’t fix it.

Arboretum Ventures in Ann Arbor, MI, is once again teaming up with serial CEO Jeff Williams to try to spin a University of Michigan-bred company into investor gold.

This time Williams will lead Life Magnetics, a startup developing a desktop diagnostic device that uses disposable cartridges to rapidly test bacterial infections. The device will determine how bacteria responds to antibiotics within eight hours of sample collection, the company says.

Life Magnetics was the first tenant to occupy the university’s new Venture Accelerator, a former Pfizer research and development center located at the school’s North Campus Research Complex.

The team of Arboretum Ventures and Williams has proven to be a winning combination twice before. Becton, Dickinson & Co. recently paid $480 million to acquire Accuri Cytometers and HandyLabs, two Arboretum-funded startups guided by Williams.

Rest of article here.

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November 1, 2010 @ 1:35 pm

NEWS RELEASE: Michigan Venture Capital Association celebrated award winners, appoints 2011 Board of Directors at annual dinner Nov. 15

ANN ARBOR, Mich.—Celebrating “A Year of Exits”, the Michigan Venture Capital Association held its annual awards dinner for its members and guests November 15 in Ann Arbor.  The statewide membership organization honored several Michigan venture firms as well as venture capital recipient companies for their successes:

  • MVCA “Michigan 100” Award winner Cerenis Therapeutics of Ann Arbor, for raising over $100 million in venture capital;
  • Michigan’s new venture firms: Huron River Ventures, Michigan Accelerator Fund Management, and Resonant Ventures;
  • Multiple venture capital investment exits, both non-Michigan companies with Michigan venture investors and Michigan-based companies:

o   LenSx Lasers (Venture Investors)

o   Greenplum (EDF Ventures)

o   ZyStor (Apjohn Ventures & Venture Investors)

o   CardioMEMS (Arboretum Ventures)

o   Ikano Therapeutics (Apjohn Ventures)

o   Arbor Networks (EDF Ventures)

o   HandyLab (EDF Ventures, Wolverine Venture Fund, Arboretum Ventures, Ardesta Capital, Dow Venture Capital)

Jeff Williams, former CEO of HandyLab and current CEO of venture-backed Accuri Cytometers, was named MVCA Entrepreneur of the Year.

 

“The wind is in our sails,” stated LeAnn Auer, Executive Director of the MVCA, in her remarks before the dinner.  “It’s been a year of exits, as many of our venture capital firms have successfully exited portfolio companies located both here in Michigan and elsewhere.  In addition, venture capital financings have already exceeded 2009 levels.  These successes bode well for future growth in our community.  I’m looking forward to this year’s celebration.”

The Michigan Venture Capital Association will also announce its 2011 Board of Directors:

  • Ron Reed (Chairman), Managing Director, Seneca Partners
  • Tom Kinnear (Vice-Chairman/Treasurer), Managing Director, Zell Lurie Institute at U-M Ross School of Business
  • Tim Petersen (Vice Chairman/Chairman-Elect), Managing Director, Arboretum Ventures
  • Uzma Ahmad (Board Secretary), Attorney, Dykema Gossett PLLC
  • Jim Adox, Managing Director, Venture Investors
  • Jeff Bocan, Managing Director, Beringea
  • Hugo Braun, Co-Founder, North Coast Technology Investors
  • Greg Main, President & CEO, Michigan Economic Development Corporation
  • John McIlwraith, Managing Director, Allos Ventures
  • Chris Rizik, CEO & Fund Manager, Renaissance Venture Capital Fund
  • Skip Simms, Managing Director, Ann Arbor SPARK
  • Mina Sooch Partner, Triathlon Medical Ventures; Managing Director, Apjohn Ventures
  • Jody Vanderwel, President, Grand Angels
  • Ken Van Heel, Director, Alternative Investments & Venture Capital, Dow Chemical Company
  • Donald Walker, Managing Director, Arbor Partners

About the MVCA

The MVCA is a trade organization designed to bring together venture capital industry participants in the state of Michigan.  The organization’s goal is to grow and sustain a vibrant venture capital community in Michigan.  Membership includes private venture capital funds, corporate venture capital funds, private equity firms, angel investors, and entrepreneurial infrastructure participants.  The MVCA is a vehicle to bring together industry participants and to provide a concerted voice for Michigan’s venture capital industry.  www.michiganvca.org

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The MVCA is a non-profit trade organization designed to bring together venture capital industry participants in the state of Michigan. The organization's goal is to grow and sustain a vibrant venture capital community in Michigan.
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