OTTAWA, April 10 /PRNewswire/ - Epocal, a privately held developer of enterprise point-of-care blood diagnostic products, announces the closing of a US$31 million Series C equity financing.
The Series C round was led by Highland Capital Management L.P. of Dallas, Texas and also included participation from founding investor, Genesys Capital Partners. Proceeds of the financing will be used to commercialize EPOC(TM), the Company's FDA 510 (k) approved blood diagnostic platform, as well as develop its proprietary immunoassay technology.
Epocal CEO Dr. Imants Lauks stated that "we are very excited to have a strong financial partner like Highland Capital Management join our investor group, and we are pleased to welcome Mr. Nathan Hukill of Highland Capital Management who joins Epocal's board of directors with the closing of this transaction."
Aquilo Partners Inc., a life science investment bank, was the exclusive placement agent for the transaction.
The EPOC(TM) System, the Company's enterprise point-of-care blood analysis platform combines ultra-low cost, smart-card like diagnostic cards containing biosensors and fluidics-on-flex circuits with ultra-low cost bedside card readers. The readers communicate wirelessly to a mobile handheld computer or PDA for immediate bedside results and to a portal on a hospital network for centralized data management. The platform delivers lab quality results to the bedside at a significantly lower manufacturing cost of conventional point-of- care testing solutions. The product development pipeline includes cards for a variety of test applications including immunoassay biomarker tests, general chemistries, hematology and hemostasis.
About Highland Capital Management L.P.
Based in Dallas, Texas, with offices in New York and London, Highland Capital Management, L.P. is a SEC-registered investment adviser specializing in credit and alternative investment investing. Highland Capital currently manages US$35 billion in leveraged loans, high yield bonds, structured products and other assets for banks, insurance companies, pension plans, foundations, and high net worth individuals.