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Ardais Raises $4 million in Private Financing

Aug 12, 2004

NEW YORK, Aug 12 (GenomeWeb News) - Ardais today announced that it has raised $4 million in a private round of financing.

 

The funds came from current investors, including Advanced Technology Ventures, Advent Health Care and Life Sciences, BioVentures Investors, EGS Healthcare Capital Partners, Federated Kaufmann Fund, Lancet Capital, Pequot Private Equity Fund, and Silicon Valley Bancshares.

 

The Lexington, Mass.-based firm said that it would use the cash infusion to accelerate commercialization of its new IT-based portfolio of biospecimen management solutions. Ardais said that its technology enables researchers at academic institutions and pharmaceutical/biotech companies to initiate and manage their own biorepositories.

 

The firm added that the financing would enable it to reach cash-flow breakeven.

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