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Adnavance Raises $3.7M in Series B Financing

NEW YORK (GenomeWeb News) – Molecular diagnostics developer Adnavance Technologies said today it has taken in CDN$3.7 million (US$3.7 million) in a Series B financing.
 
The funding round was headed by Working Opportunity Fund, which is managed by GrowthWorks Capital, JovInvestment Management, and Business Development Bank of Canada.
 
Adnavance, which has its headquarters in Vancouver, British Columbia, and a lab in Saskatoon, Saskatchewan, plans to use the funds to continue to develop and expand its metalized-DNA technology, which the company said “may eliminate the need for target amplification for a large number of molecular diagnostic tests.”
 
Adnavance also said it has named former Nanogen and Xenomics CEO Randy White to be CEO of the company.

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