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PharmaDiagnostics Raises $3.5M in Private Financing

NEW YORK (GenomeWeb News) – PharmaDiagnostics, a Brussels, Belgium-based screening technologies firm, today announced that it has raised €2.5 million ($3.5 million) from its initial investors.

The company, which was founded in 2007, is developing a label-free screening technology that does not require specialized hardware. Its localized surface plasmon resonance technology is applicable to a range of assays for small molecule and antibody screening and characterization, the firm said. PharmaDiagnostics also claims that its technology enables label-free screening to be applied in high-throughput applications for the first time.

The lead investor in the round was Capital-E, an Antwerp, Belgium-based venture fund. Other investors in the round included Vinnof, the PhD Partnership, and Allegro Investment Fund. The firm noted that this round of financing is not yet closed, and it is in talks with potential additional investors.

PharmaDiagnostics intends to use the cash infusion to commercialize existing assays and further develop its technology for additional applications. It also said that it expects to conclude at least one customer deal in the fourth quarter of this year.

"PharmaDiagnostics has developed a unique and elegant new approach to label-free screening, enabling high-throughput and sensitive assays without the need for expensive, specialist equipment," said Marc Wachsmuth, partner at Capital-E. "The new funding will allow the management team to exploit this significant competitive advantage while developing further and marketing its technology."

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