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Swift Biosciences Announces $3 Million Series A Financing


8/12/2010 7:48:50 AM

ANN ARBOR, Mich., Aug. 11 /PRNewswire/ -- Swift Biosciences Inc., a Michigan-based life sciences company, today announced the recent completion of a $3 million Series A financing led by the venture firm DFJ Mercury. DFJ Mercury was joined in the Series A by several Michigan-based individual investors who also helped launch the Company with seed funding in January 2010. Daniel Watkins of DFJ Mercury will join the company's Board of Directors.

"Swift Biosciences' genetic analysis technology has the potential to significantly advance molecular diagnostics and biomedical research," said Daniel Watkins, a managing director at DFJ Mercury. "The Swift team has been able to achieve excellent technical performance in testing to date. Working with entrepreneurs to commercialize this type of break-through innovation is a core element of our approach at DFJ Mercury."

Swift Biosciences is developing molecular biology reagents for research and diagnostic applications. Swift's products will provide customers with powerful new ways to examine disease-related genes. The Company also aims to help users analyze their samples faster, at higher volume, and at a lower price-per-sample. Swift's products are designed to be compatible with customers' current instrumentation.

"This funding will help us accelerate product development and customer testing," said David Olson, PhD, Chief Executive Officer of Swift Biosciences. "DFJ Mercury is an ideal partner for us as we grow from the idea stage into commercial launch. We have been fortunate to have the early support of both local and national investors."

Dr. Olson added "We have also benefited from the entrepreneurial community in the area, including our local business accelerator, SPARK, who has helped us recruit an outstanding team from across the country. The abundance of biomedical activity locally makes Ann Arbor a great place to launch a life science start-up."

For more information about Swift Biosciences visit www.SwiftBioSci.com

About DFJ Mercury

DFJ Mercury is a seed and early-stage venture capital firm. Headquartered in Houston, Texas, DFJ Mercury invests in compelling and novel start-up opportunities in information technology, advanced materials and bioscience. DFJ Mercury seeks to partner with extraordinary entrepreneurs to build globally competitive businesses, focusing on investments in the midcontinent. Since inception in 2005, DFJ Mercury has been one of the most active start-up and seed-stage investors in the midcontinent, has consistently rated as a top VC firm for entrepreneurs by Entrepreneur Magazine and TheFunded.com, and has become a "go-to" venture firm for entrepreneurs at the earliest stages of idea generation, company formation, and market execution. DFJ Mercury is a partner in the DFJ Global Network of venture funds. For more information, visit www.dfjmercury.com.

SOURCE Ann Arbor SPARK



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