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Single Molecule Counting Tech Firm Singulex Secures $55M in Financing

NEW YORK (GenomeWeb News) – Singulex today announced it secured $55 million in debt and equity financing.

The company secured a $40 million debt facility from Oxford Finance and Silicon Valley Bank, and in June, it raised $15 million in equity financing. Singulex said it plans to use the financing to further develop its in vitro diagnostics business based on its Single Molecule Counting technology.

The Alameda, Calif.-based company raised $19 million in a financing round in January 2009.

The technology quantitatively measures "single molecules such as proteins and metabolites directly in complex biological samples without abundant protein stripping techniques," Singulex said on its website. Its flagship product is the Erenna instrument for research-use only, which detects low-abundance biomarkers and pathogens. According to Singulex, Erenna can detect single molecules down to the femtogram level.

"With the proceeds from our financing in June and this debt facility, we are now in a solid position to fund the development and regulatory approval of a fully automated diagnostic instrument and assays for the global market," President and CEO Guido Baechler said in a statement. "Expansion into the in vitro diagnostics market is a key milestone in our long-term growth strategy."