IBS is developing advanced DNA sequencing systems that promise more robust and cost-effective solutions than are commercially available today. Through massively parallel sequencing (sequencing of millions of DNA samples in parallel) on a proprietary chip, the IBS platform is able to rapidly read out DNA sequences with very high precision and at significantly lower costs than conventional electrophoresis-based approaches.
“We are very pleased to have Norwich Ventures and additional investors in this round,” said Dr. Steven Gordon, CEO of IBS. “With their support, we are able to advance our prototype sequencer and allow the company to deliver working instruments to the laboratories of early access collaborators during the coming year. Our customers are extremely excited about our new technology as it is affordable for smaller labs and will be the fastest and most cost effective method for sequencing DNA on the market.”
IBS is uniquely positioned to participate in the rapidly emerging market for massive parallel sequencing technologies, which are fast becoming tools of choice for conducting biomedical research. These high-throughput systems overcome several key limitations of microarray-based profiling technologies, which typically require prior knowledge of the target sequence, encounter cross-hybridization issues when analyzing highly-related DNA sequences, and produce analog rather than digital readouts. Precise and inexpensive DNA sequence information is also very important for many genetic-based diagnostic tests including cancer detection, inherited disease analysis and precise infectious agent identification.
“High-throughput, low-cost DNA sequencing offers the potential to enable large-scale DNA studies and revolutionize our understanding of disease progression,” said Aaron Sandoski, Managing Director of Norwich Ventures. “We are very impressed with the team and technology at IBS, and believe the company’s sequencing platform will serve as a cornerstone to realizing the power of genomics.”
“To close a financing such as this one in these challenging economic times speaks enormously to both the quality of the Columbia science and the caliber and experience of the IBS team,” said Peter Golikov, the responsible Licensing Officer at STV. “We are delighted to have the backing of Norwich Ventures and others to advance these inventions, which we hope will one day help patients better understand their risks of disease and assist doctors with choosing the best therapies.”
About Columbia University Science & Technology Ventures
A leading academic and research university, Columbia University continually seeks to advance the frontiers of knowledge and to foster a campus community deeply engaged in understanding and addressing the complex global issues of our time. Columbia University's technology transfer office, Science & Technology Ventures (STV), serves as a bridge between Columbia's researchers and the business community. STV's core objective is to facilitate the transfer of inventions from academic research to outside organizations for the benefit of society on a local, national and global basis. As such, STV’s primary mission is to identify, evaluate, protect, and license or form companies based on Columbia’s intellectual property. STV at Columbia University is considered one of the leading technology transfer offices in the world, with more than 300 invention disclosures from faculty, 70 license deals and 12 new start-ups each year, as well as approximately 35 multi-disciplinary, full-time staff at Columbia's Morningside and Medical Center campuses. For more information on STV, please visitwww.stv.columbia.edu.
About Intelligent Bio-Systems, Inc.
Intelligent Bio-Systems, Inc. is a privately held company located in Waltham, Mass. Since its founding in 2005, it has focused on the development of next-generation DNA sequencing, gene expression and diagnostic systems based on proprietary instruments, chemistry, and consumables. For more information about Intelligent Bio-Systems, Inc., visitwww.intelligentbiosystems.com.
About Norwich Ventures
Norwich Ventures is an early-stage venture capital firm committed to helping entrepreneurs, healthcare professionals and inventors build innovative medtech companies. The firm's specialization in the field of medtech uniquely positions it to work collaboratively with start-up companies. The Norwich team is made up of former executives and entrepreneurs based out of offices in Massachusetts and Pennsylvania.
