NEW YORK, Oct. 29 – Atto BioScience, a Rockville, Md.-based biotech company, has raised $3 million in its first round of private equity financing, the company said on Monday.
Emerging Technology Partners led the financing round.
The capital will help Atto to finish the development and commercialization of its first high-throughput single-cell-imaging system. This system, scheduled to launch later this year, was developed in collaboration with a major US pharmaceutical company, Atto said in a statement.
Derek Woods, Atto’s president and CEO, would not disclose the name of that company, which is also the first customer of Atto’s high-throughput technology, but said another undisclosed US-based pharma company is close to buying the instrument.
"We are quite excited with this first round of financing in an otherwise difficult market because it validates our vision to become the preeminent live cell imaging company, as well as producer of reagent consumables and services," Woods said in the statement. "The make-up of the investor group in our early round funding shows a strong commitment to our company, our technology, and the recognition of the market potential for our products."
Atto Bioscience, formerly known as Atto Instruments, develops, manufactures, and markets products that enable researchers to glimpse biological reactions taking place in individual living cells, the company said.
The company, which was founded 14 years ago as a manufacturer of microscope accessories, changed its name roughly six months ago and diversified its offerings to enhance its appeal in the biotech marketplace. It will retain its instrument-manufacturing business, Woods said in an interview.
As a newly minted biotech company, Atto will primarily develop and sell reagent consumables and services. The target markets for Atto BioScience's products are basic discovery research, functional genomics, pharmaceutical drug discovery, toxicology, and diagnostics, Atto said.
According to Woods, Atto’s chief competitors in the sector include Molecular Devices, PerkinElmer, and Cellomix.