Safeguard Scientifics (SFE) and New Venture Partners Co-Lead $7.7 Million Series A Financing for Alverix, Inc.
2/6/2008 8:16:14 AM
WAYNE, Pa.--(BUSINESS WIRE)--Safeguard Scientifics, Inc. (NYSE:SFE), a holding company that builds value in growth-stage technology and life sciences companies, today announced that it co-led a $7.7 million Series A financing round for San Jose, CA-based Alverix, Inc., a point-of-care (POC) diagnostics technology provider, with New Venture Partners LLC, the global venture capital firm dedicated to corporate technology spinouts. Alverix will use the proceeds of this financing round for key hires, product development and commercialization of its POC assay devices. Alverix is a spin out from Avago Technologies, a leading supplier of analog interface components for communications, industrial and consumer applications. The Company is leveraging a 30-year legacy of expertise in optical sensors, image processing, software and signal enhancement algorithms, and owns proprietary technology for low-cost, portable assay detection devices for medical diagnostics and other applications. When combined with existing diagnostics tests, or with assays currently being developed, Alverix’s devices enable central laboratory quality results to be done in any location where test information is critical to patient care. Until now, this level of performance required expensive, bench-top instrumentation. In contrast, Alverix’s detection devices provide immediate, accurate results at POC – in doctors’ offices, clinics, retail environments or workplace settings – for a fraction of the cost and turn around time of traditional methods. Current applications include testing for drugs of abuse (DOA), cardiac, cancer, infectious disease and drug efficacy.