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BioSystem Development Closes $1M Financing Round

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – BioSystem Development has closed a financing round raising just over $1 million, the firm said after the close of the market Wednesday.

The privately-held firm said that it will use the funds to scale up its manufacturing capabilities, increase the speed to market of its new products, and support expansion of its product pipeline. The Madison, Wis.-based company makes the AssayMap platform, which enables high-throughput solutions for bioprocess development, biomarkers, and life sciences research.

BioSystem Development said that a total of $750,000 of new equity was raised in the round from angel investors. An additional $300,000 came in the form of a loan from the Madison Development Corporate Venture Debt Fund.

The firm inked a deal last year with Agilent Technologies to integrate Agilent's Bravo automated liquid handling platform with BioSystem Development's AssayMap technology. Under that alliance, Agilent's Bravo with 96AM head was combined with AssayMap cartridges packed with chromatographic resin or immobilized enzyme to create an open-platform instrument for protein sample preparation and processing.