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Ardais Corporation Raises Additional $4 Million To Reach Cash Flow Breakeven


10/19/2005 5:11:00 PM

LEXINGTON, Mass., Aug. 12 /PRNewswire/ -- Ardais(R) Corporation, a pioneer in the field of human biospecimens for biomedical research and development, today announced it has raised $4 million from current investors, including Advanced Technology Ventures, Advent Health Care and Life Sciences, BioVentures Investors, EGS Healthcare Capital Partners, Federated Kaufmann Fund, Lancet Capital, Pequot Private Equity Fund, and Silicon Valley Bancshares. With this capital, the company is accelerating the commercialization of its new IT-based portfolio of biospecimen management solutions for both academic medical centers and pharmaceutical/biotechnology companies.

Donald B. Hawthorne, Ardais' recently-appointed CEO, explained: "Since its inception, Ardais has successfully set the gold standard in biospecimen collection. We have built and operated our own biorepository, which has been serving the needs of researchers at more than 60 medical institutions and pharmaceutical/biotechnology companies. Building on that success, we are now able to provide a system that enables companies and academic institutions to initiate and manage their own biorepositories. By commercializing the proprietary Ardais Biospecimen Management System, we are now providing the solution of choice to address every major challenge in this complex field, including the critical ability to network multiple biorepositories and collection sites across the country."

Mr. Hawthorne added that the recent $4 million financing reflects the confidence of investors in the new commercial opportunity, and will enable the company to reach cash flow breakeven.

"The Ardais system is a business process outsourcing and software solution that meets three key needs in the marketplace. First, it allows the rapid creation of multiple repositories, where biospecimens and data can be collected and distributed in support of molecular medicine research. Second, it supports protocol-driven collection of biospecimens and data from patients across many sites in support of molecular medicine-based clinical trials. Third, it enables rapid and efficient linkages never before possible between medical centers that have collection capabilities and research organizations that require prospective collection of biospecimens. Overall, Ardais is positioned perfectly to succeed in this dynamic market as molecular medicine transforms every step of the R&D process," Mr. Hawthorne noted.

Most recently, the Duke University Breast Cancer SPORE program has been enhanced by the Ardais Biospecimen Management System, which provides complete support, starting with gaining consent from patient donors, to collecting clinical data, to archiving biospecimens, to distributing biospecimens to researchers. The Duke program is currently on track to consent approximately 900 patient donors on an annual basis, with over 90% of approached patients agreeing to participate in the program.

The Duke program has exceeded the expectations set jointly by Ardais and Duke. The breadth, depth and quality of the biospecimens being collected support many different types of research, while ensuring that patient confidentiality and institutional ethics are maintained. Among the highlights are:

  -- A high rate of patient consent not only to donate excess surgical
     tissue, but also to permit diagnostic needle core breast biopsy samples
     to be collected for research.
  -- A patient enrollment rate two times higher than planned.
  -- A biospecimen banking rate twice the rate initially planned.

  About Ardais Corporation

Ardais Corporation addresses all the challenges of biospecimen management, allowing researchers to focus solely on the research discoveries and clinical development that will advance molecular medicine. As a pioneer in best practices for this field, Ardais has developed a proprietary, end-to-end solution that permits academic and commercial scientists to standardize and organize their biospecimen collection, archiving, and access, thereby enhancing and accelerating R&D.

The Ardais Biospecimen Management System, encompassing biological, informatics and engineering expertise, is a suite of software applications, operating procedures, proprietary supplies, and data standards that integrate clients' biorepository operations at one or multiple geographic sites.

For more information, please visit: http://www.ardais.com/. Contacts: Donald B. Hawthorne Chief Executive Officer Ardais Corporation 781-698-0100 Christine Mackenzie Feinstein Kean Healthcare 617-761-6737 christine.mackenzie@fkhealth.com

Ardais Corporation

CONTACT: Donald B. Hawthorne, Chief Executive Officer, ArdaisCorporation, +1-781-698-0100; or Christine Mackenzie, Feinstein KeanHealthcare, +1-617-761-6737, christine.mackenzie@fkhealth.com



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