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Adlyfe Kicks Off 2006 With A $3.3M Series A Round



1/17/2006 12:42:22 PM

ROCKVILLE, Md., Jan. 17 /PRNewswire/ -- Adlyfe Inc., a diagnostic company located in Rockville, MD, closed a Series A financing to further develop its conformation-based protein detection and amplification technology. Adlyfe's technology is significant in its potential impact in the early diagnosis and treatment of protein conformational animal and human diseases including Mad Cow Disease, Alzheimer's and related wasting diseases.

Investors in the round include Canaan Partners and Burrill Associates. Seth Rudnick, from Canaan and Ann Hanham, from Burrill, will join the Adlyfe board. "The diagnosis of misfolded proteins is a significant step on the road to both protecting populations from diseases, such as Mad Cow, and offering the chance to diagnose and treat critically important diseases like Alzheimer's," said Seth Rudnick, M.D., General Partner with Canaan Partners. "The Adlyfe team is taking a novel and potentially revolutionary approach to an area that deserves support."

Adlyfe will use the capital to further develop its novel protein detection and amplification technology and advance a test for prion diseases. The funding will also be used to demonstrate the unique technology against new human wasting disease protein targets. "We are excited about the addition of experienced investors who can help us build a successful company, and take Adlyfe to the next level. This financing will be critical to help facilitate the penetration of Adlyfe's technology into markets in diagnosing misfolded protein disease targets," said CEO, Alan S. Rudolph PhD MBA. As a result of the investment in the Adlyfe diagnostics technology, Adlyfe divested its therapeutic platelet stabilization technology into a new company, Cellphire Inc., which will continue to pursue the development of freeze-dried platelet products for growth factor therapy and cessation of bleeding.

The Series A investment follows previous fundings and grants received from DARPA and NIH.

About Adlyfe:

Adlyfe is a biotechnology company focused on detection and amplification of proteins related to debilitating and fatal animal and human diseases. Adlyfe has demonstrated the ability to detect prions in live animals and has recently demonstrated sensitive detection of Alzheimer's related proteins. For more information, visit http://www.adlyfe.com.

Adlyfe Inc.

CONTACT: Richard Cliff of Adlyfe Inc., +1-301-424-8344, ext. 205


Read at BioSpace.com


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