Connecticut Innovations Makes $445K Follow-on Investment in CyVek Inc.
Wallingford company’s biological testing tool advances to prototype stage and beyond
Rocky Hill, Conn., May 3, 2012 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology-based innovation and economic development, today announced that it has made a $445,683 follow-on investment in CyVek Inc. (CyVek) of Wallingford, Conn., through its Eli Whitney Fund. This investment was part of a $3 million Series C round primarily involving existing individual investors. CI made one previous investment of $802,500 in CyVek in 2010 as part of the company’s Series B round.
CyVek is completing development of a patent-pending platform technology for measuring multiple markers simultaneously in patient blood samples. The CyVek technology is applicable in all segments of translational research and is ideally suited for drug discovery and point-of-care diagnostic applications in doctors’ offices. CyVek’s test system promises to be a valuable tool both to researchers who are developing new drugs and to physicians who are seeking the optimal drug and dose for their patients.
“CyVek has made great progress in refining its technology and meeting all of its milestones to date,” said Claire Leonardi, chief executive officer and executive director of CI. “We are delighted to make this second investment in the company and look forward to the alpha deployment and beta roll-out of CyVek’s novel diagnostic platform. We look forward to continuing our support of companies like CyVek that are advancing innovation in the state of Connecticut.”
Initially, the CyVek system, consisting of an instrument and disposable test cartridges, software and data support, will be used for measuring biomarkers – proteins measured in blood, or other bodily fluids, whose concentration reflects the severity or presence of a disease state or condition and/or the probable effect of treatment for a disease state or condition. The CyVek system, which has been prototyped, offers superior performance and ease of use.
“We are extremely pleased to have received this latest round of support and vote of confidence from our current investors,” said Per Hellsund, CyVek founder and CEO. “This funding will enable us to continue the development of our next-generation immunoassay technology, which will enable researchers and physicians to easily and accurately measure biomarkers from small amounts of biological samples, thereby advancing the development of new drugs, and expediting the diagnosis of diseases.”
CyVek is led by an experienced team of researchers and business executives who have developed and commercialized technologies, launched products, driven sales, negotiated partnerships and led companies from startup to liquidity events. Additionally, the company is advised by a scientific advisory board of industry opinion leaders.
David Wurzer, CI managing director of investments, will continue to represent CI on CyVek’s board of directors.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in early-stage Connecticut technology companies, university/industry research collaborations and technology transfer and collaborating with government, business, nonprofit and academic organizations to advance technology growth and promote public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About CyVek Inc.
CyVek, a private, venture capital funded biotechnology company located in Wallingford, Connecticut, is engaged in the development of a novel, platform technology for measuring analytes in biological samples. With its world-class team of engineers and scientists, CyVek plans to leverage its innovative and proprietary approach throughout the life sciences and clinical diagnostics fields. For more information, please contact CyVek at (203) 679-0395.