Gold Standard Diagnostics Completes Series A Funding; Gold Standard Diagnostics Plans to Double Staff This Year
3/2/2010 10:00:20 AM
Davis, CA – March 1, 2010— Gold Standard Diagnostics, Inc. (GSD) today announced the completion of its Series A round of private financing.
The funding was led by a group of private investors including Roger Salquist. Well known for his local, biotech entrepreneurship, Salquist has more than 35 years experience as a senior executive in the Life Sciences Industry. In connection with the Series A funding, Salquist has joined GSD’s Board of Directors. GSD will use the proceeds from the financing to expand its own product portfolio, and to bolster its sales, marketing, and service efforts in the US and Europe.
Gold Standard Diagnostics, founded in 2007, provides a wide range of diagnostics solutions to reference and hospital laboratories in North America. Through its strong relationships with global equipment and reagent manufacturers, GSD provides innovative solutions for laboratories seeking to gain efficiency and reduce costs. GSD’s diagnostic assays focus in the areas of infectious disease, immunology, cardiovascular, diabetes and several other diagnostics fields.
“Our goal is to continue our rapid rate of growth by aggressively bringing to market some of the industry’s most cost-effective, technology solutions that will change the laboratory diagnostic landscape,” said Gold Standard Diagnostics founder and CEO John Griffiths. “This funding positions us extremely well to continue our strategic growth.” Prior to founding GSD, Griffiths has spent 18 years in various executive sales and marketing roles with diagnostics companies. He has superior expertise in designing, selling and implementing automated solutions to the leading laboratories in North America.
“I am, along with my co-investors, excited to lead the Series A investment,” said Roger Salquist. “This represents a significant opportunity to develop the gold standard for medical research and laboratory diagnostics services and tools right in the heart of Northern California. We are extremely proud to be a part of the GSD team.”
About Gold Standard Diagnostics
Gold Standard Diagnostics is a pioneer in providing products and services to the diagnostic and medical communities. We partner with reagent and equipment manufacturers from around the world, creating innovative and cost effective diagnostics solutions for clinical and hospital laboratories. Gold Standard also develops its own suite of proprietary products that provide laboratories the next wave of technology-based solutions. More information is available at www.goldstandarddiagnostics.com.
About Roger Salquist
Roger Salquist has over 35 years experience as a senior executive in the Life Sciences Industry. He was a Founding Partner and Managing Director of Bay City Capital, a San Francisco-based merchant bank and Venture Capital Partnership. Previously he was Chairman and CEO of Calgene Inc. for twelve years. Calgene was a Davis, California-based agribusiness biotechnology company that was acquired by Monsanto Corporation in 1996. Mr. Salquist has served as Chairman of Endosonics Corporation, Celtrix Pharmaceutical, and, most recently, Lipomics Technologies, a metabolomics diagnostic discovery company. He also served on the Board of Directors of Collagen Corporation for over ten years.