NEW YORK (GenomeWeb) – Tangen Biosciences today announced that it has closed a $9 million Series A equity financing round and will use the proceeds to develop its TangenDx platform for two undisclosed infectious disease tests performed in the clinic.
Tangen said that its platform employs rapid isothermal nucleic acid detection of targeted DNAs and RNAs directly from specimens. The platform may enable use of low cost, portable, and rapid MDx diagnostic capabilities outside traditional laboratories, the firm said.
Connecticut Innovations led the financing round with participation of current and new stockholders, including VC23, Axiom, and Leading Edge Ventures.
Daniel Wagner, senior managing director of venture capital investments at Connecticut Innovations, said in a statement that TangenDx will bring testing "into doctors' offices, pharmacies, and healthcare providers in areas with limited infrastructure."
Tangen said that it will relocate its office to a 16,200-square-foot facility in Branford, Connecticut in August, in anticipation of a 2020 product launch.
"We will launch two [US Food and Drug Administration] 510(k) clinical studies this year, utilizing product produced in our cGMP-compliant, ISO 8 facility," Tangen President and CEO Rick Birkmeyer said in a statement.
Tangen also announced that it has expanded its management team to include Keith Kardos, acting vice president of clinical affairs, and Anne Cavanaugh, director of finance.