Innovative company develops enabling technologies for genomics and personalized medicine
Grand Rapids, Mich., January 15, 2013– Michigan Accelerator Fund I (MAF-1) has made a $750,000 Series A-1 investment in Swift Biosciences, Inc. This is the seventh company MAF-1 has funded since the fund’s inception in 2010, and the first investment since the fund closed at $15.1M in August of 2012.
The investment in Swift Biosciences continues MAF-1’s strategic focus to invest in Michigan-based, early stage, life science technology companies. Located in Ann Arbor, Swift Biosciences is commercializing genetic testing technology to advance the field of genomics and personalized medicine. To date, Swift has launched a product suite referred to as myT® Primers, which enable detection of mutated cells related to melanoma with extreme sensitivity. This opens the door for test specimens to be collected as blood samples instead of tissue, which may allow for earlier detection. In 2013, Swift will launch a new line of products focused on genome sequencing.
“We are thrilled to be investing in Swift at an extremely timely juncture, as their technology is forecast to hit the market right when the need will be the greatest,” said Dale Grogan, Managing Director, MAF-1. “We look forward to our investment realizing solid returns in two to three years, if not sooner.”
Launched in 2010 with the backing of several Michigan-based individual investors, MAF-1 now joins Houston-based Mercury Fund as Swift’s only institutional investors. The total invested in Swift to date is $6.15M. The latest funding will support product development, patent filing and prosecution, and direct sales and marketing to key laboratory leaders.
David Olson, CEO, Swift Biosciences added, “The inclusion of MAF-1 as a Michigan-based investor is highly encouraging, and provides us with additional financial runway as we launch new products in 2013. They are a welcome addition to the Swift team.”
About MAF-1
The purpose of Michigan Accelerator Fund I is to achieve significant, long-term capital appreciation for its investors through investments in Michigan based, early stage companies predominantly in the healthcare and life science technology sectors. Learn more at www.maf-1.com.
About SWIFT BIOSCIENCES
Swift Biosciences is a small, fast-moving company focused on developing innovative, enabling technologies for genomics and personalized medicine. Swift’s myT Primer technology was developed to provide both high sensitivity and specificity in mutation detection, making it ideal for cancer research and diagnostic applications. Multiple Next Generation Sequencing products are staged for commercial launch in 2013. Learn more at www.swiftbiosci.com.
# # #