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Development Milestone for Adnavance's MRSA Dx Triggers $1.8M in Financing

NEW YORK (GenomeWeb News) - Adnavance Technologies said this week that it has met a milestone in the development of its diagnostic test for methicillin-resistant Staphylococcus aureus that has enabled the second tranche of a previously disclosed series B financing round.
 
As part of the Series B financing, Adnavance investors, including GrowthWorks Working Opportunity Fund, Canadian Medical Discoveries Fund, and Business Development Bank of Canada, agreed to provide the company with an additional $1.8 million upon meeting the milestone, which required discrimination of MRSA in a background of non-MRSA competing targets.
 
Adnavance said it will use the additional funding to further develop the platform and move toward the launch of the MRSA test, “which may be as early as 2010.”
 
The company said it has completed a "functioning pre-prototype" instrument for its diagnostic platform, which is based on metalized DNA, or M-DNA, technology.
 
M-DNA uses metal ions to produce a conductive form of DNA that allows discrimination of "perfect match" hybridized DNA from non-matching DNA, and “may eliminate the need for target amplification for a large number of molecular diagnostic tests,” the company said.
 
Randy White, CEO of Adnavance, said in a statement that the technology has the potential “to open molecular diagnostic testing to laboratories not licensed for PCR amplification.”
 
According to Adnavance, only about 10 percent of all hospital laboratories and 35 percent of all independent laboratories in the US are licensed to use PCR to perform molecular diagnostic testing. The company believes that its technology could appeal to approximately 30,000 customers who cannot currently perform these tests.