NEW YORK (GenomeWeb News) – Wasatch Microfluidics is in the process of raising $1 million in a Series B round that is expected to close within the next three weeks, its president said.
Earlier this week, Pasadena Angels announced it had invested $475,000 in the round, and today Wasatch President Josh Eckman told GenomeWeb Daily News that the financing will be used primarily to build up the firm's sales and marketing operations.
Pasadena, an investment group based in Pasadena, Calif., added that the funding will also go toward a turnkey solution that combines Wasatch's protein printing technology with a surface plasmon resonance biosensor and toward moving the platform technology closer to a multiple product line.
The other investors in the round are made up of angel investors, Eckman said. The company raised $260,000 in a Series A round in 2007.
Based in Salt Lake City, Wasatch was founded in 2005 and licensed technology from the University of Utah called Continuous Flow Microspotter for depositing biomolecules on biosensor surfaces.
According to Wasatch's website, CFM "uses flow to cycle molecules back and forth over the surface, yielding optimal binding from crude or dilute solutions," resulting in 10,000-fold enhancements in sensitivity and printing at concentrations 1,000-fold more dilute than other technologies.