VANCOUVER, British Columbia, Canada, Nov. 29 /PRNewswire/ - Adnavance Technologies Inc. ("Adnavance" or the "Company"), a privately held nanobiotechnology company, announced today that it has completed a Series A round of financing totaling $3.85 million. Combining biotechnology and nanotechnology, Adnavance is developing product applications that use the electrical conductivity properties of both DNA and novel metallic forms of DNA ("M-DNA"), for the healthcare and nanotechnology industries.
Adnavance has also secured substantial non-dilutive funding from The National Research Council's Industrial Research Assistance Program (NRC-IRAP) and from The Natural Sciences and Engineering Research Council of Canada (NSERC), to support its research and development programs.
"This is a significant and exciting step forward for Adnavance," said Dr. Henry Geraedts, Chief Executive Officer of Adnavance. "This financing provides the Company with a stable foundation for continued growth, enabling us to accelerate our lead product development programs on the healthcare diagnostics side of our business, and progress our efforts to produce prototypes for industrial applications. We believe that this round of financing is an important endorsement of the development progress that Adnavance has made and a vote of confidence in the technology platform and product pipeline."
The investment syndicate for this financing was led by the Working Opportunity Fund, managed by GrowthWorks Capital, with additional financing support from BC Medical Innovations Fund (BCMIF) managed by MDS Capital, Canadian Medical Discoveries Fund (CMDF) advised by MDS Capital, and the Business Development Bank of Canada.
"Adnavance is a new breed of biotechnology company that has established an innovative technology platform with important implications for the biosensor and molecular diagnostics markets," said Yad Garcha, Senior Vice- President, Investments at GrowthWorks Capital. "The integration of nanotechnology with biotechnology brings an expanded business opportunity to the life sciences sector, and we are pleased to add Adnavance to our portfolio."
The proceeds from this financing will be used to advance the Company's core M-DNA technology for a number of commercial applications, with a primary focus on the development of ultra high sensitivity biosensors, molecular detection devices used to improve medical diagnosis and predict disease outcome. Adnavance's technology will enable the detection of a variety of infectious diseases, both viral and bacterial, in near real time (less than five minutes). Adnavance's technology offers an innovative approach to the diagnosis of disease because it eliminates the need for the PCR amplification process, a commonly used technique for amplifying DNA, thereby offering a faster, highly sensitive point of use diagnostic platform.
A second application in the healthcare sector for which Adnavance is developing its M-DNA technology is for use in DNA-based vaccines. M-DNA has demonstrated, in vivo, to improve the immune response due to its ability to resist enzymes that break down naked DNA. Adnavance has initiated large animal studies to further develop this field of application. DNA-based vaccines are believed to offer several advantages over conventional vaccines, including improved storage, effectiveness and flexibility, as well as reduced production times and costs.
Adnavance is also developing its core conductivity technology for light driven generation and storage of hydrogen. The Company is developing a prototype aimed at validating this approach for distributed generation and micro fuel cell applications.
Adnavance Technologies Inc. is a private nanobiotechnology company developing technologies that use the electrical conductivity properties of DNA and novel metallic forms of DNA ("M-DNA"), for commercial applications in the healthcare and nanotechnology industries. Founded on discoveries made at the University of Saskatchewan, Adnavance completed two seed financings and commenced operations in early 2003. The Company's headquarters and engineering facilities are located in Vancouver, BC and its research laboratories are located in Saskatoon, SK.
M-DNA is a novel form of DNA generated by applying the company's proprietary method of introducing metal ions along the DNA helix. This hybrid, novel form of DNA provides for the highly efficient conduction/exchange of electrons, enabling improved sensitivity and selectivity for application in molecular diagnostics and the development of biosensors. The conductivity properties of DNA also enable the generation and storage of hydrogen. For more information, please visit www.adnavance.com
Note: Certain of the statements in this press release are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed by such forward-looking statements.
Henry N. Geraedts, Ph.D.
Chief Executive Officer
Adnavance Technologies Inc.
Tel: (604) 816-6332
Adnavance Technologies Inc.