NEW YORK (GenomeWeb News) – Phthisis Diagnostics announced recently it has raised $410,000 in a second round of angel funding.
The money will be used to continue marketing its products and to expand its product lines, Crystal Icenhour, president and CSO of the Charlottesville, Va.-based company said. The money will go toward completing the development and clinical trials for Phthisis' first diagnostic for parasites, which is expected to be launched within the next 18 months, she added, and additional diagnostics for fungi mycobacterium, as well as molecular standards for improved laboratory quality control, are also being developed.
Original investors in the firm, Piedmont Angel Network and New Dominion Angels, contributed $147,500 to the round, while seven other investors committed an additional $262,500. New investors in the round include Piedmont Investment Advisors, through its affiliate Militello Capital; MooDoos Limited Partnership; Ronald Harris; Virga Ventures; Daniel Brody; and Afton Scientific NA.