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BioScale Raises $18.8M; Targets $38.3M

NEW YORK (GenomeWeb News) – Protein analytics firm BioScale said in a regulatory document that it has raised $18.8 million of a targeted $38.3 million financing round.

The Lexington, Mass.-based firm disclosed the raise in a document filed on Monday with the US Securities and Exchange Commission, saying the securities offered were in the form of equity. It did not disclose the names of the investors but said 69 investors have invested in the offering. It did not say how proceeds from the raise would be used.

In March, BioScale said in an SEC document that it raised $1.1 million, and in February, it said it raised $3.8 million. In both instances, the securities offered were in the form of debt; option, warrant, or other rights to acquire another security; and security to be acquired upon the exercise of an option, warrant, or other right to purchase security.

It is not clear if the two earlier raises were part of the same offering. BioScale did not respond to a request for comment. The company raised $25 million three years ago.

BioScale was founded in 2002 and develops technologies to measure proteins. Its two main technologies are the AMMP assay technology and the ViBE platform.

AMMP, which stands for Acoustic Membrane Microparticle, measures protein concentration by measuring the mass of the analyte amplified by the mass of the bound magnetic microparticles. ViBE, which is based on AMMP, is for designing protein assays for detecting and quantifying proteins in complex biological samples.