NEW YORK – Sample prep and diagnostic test technology developer Veravas said on Wednesday that it has raised $4 million from private investors through the issuance of convertible notes.
The Charleston, South Carolina-based company develops sample pretreatment products and diagnostic tests to provide laboratories with products for accurate diagnoses of diseases.
Its sample preparation technology uses nanomagnetic particles that can identify, remove, and measure select substances from patient samples to reduce the effects of complex interferences and detect low-abundance biomarkers, the firm said.
Veravas CEO Carroll Streetman Jr. said in a statement that the funds are being used to expand the firm's research and development staff, build product inventory, and continue its business-to-business commercialization activities. He added that "continuation of this funding round is crucial for advancing our work to set the stage for a Series A equity funding round slated for later this year."
Veravas noted that it is establishing strategic partnerships to bring diagnostic applications to the clinical in vitro diagnostics market. A recent partnership announced with Tymora Analytical will focus on developing a test to diagnose Alzheimer’s disease from human plasma samples as an alternative to current tests that use cerebral spinal fluid neuromarkers.
According to Veravas' website, it currently offers products for research use that free samples from biotin before it interferes with test results.