IntelliCyt Corporation ('IntelliCyt'), a leading provider of integrated platforms to accelerate drug discovery, antibody discovery and immunology, announced it has completed $7.4 million in new financing that consists of $5.4 million in venture financing and an additional $2 million debt facility.
The venture financing was led by Arboretum Ventures ('Arboretum') with participation from other current investors Prolog Ventures, Verge Fund, and New Mexico Community Capital. The debt financing was led by Oxford Finance, LLC ('Oxford'), a specialty finance firm that provides senior debt to life sciences and healthcare service companies.
'We are grateful for the continued support of our current investors and Oxford,' said R. Terry Dunlay, President and CEO of IntelliCyt. 'We are rapidly growing and these funds will be used to continue to scale our commercial efforts globally and expand our product offerings to rapidly accelerating markets including immuno-oncology.'
IntelliCyt's flagship product, the iQue® Screener platform, is an integrated instrument, software, and reagent system that enhances suspension-cell screening workflows from sample preparation through results. It enables rapid, high content, multiplexed analysis of cells and beads in suspension in 96, 384, and 1536 well plates. With its proprietary sample delivery system, plates are processed rapidly and assays can be miniaturized to conserve precious sample and use less reagent per well. Software-assisted automation, analysis, and experiment-level visualization tools reveal deep insight into complex biology through an easy-to-use, intuitive interface.
'IntelliCyt's integrated platform solutions are playing an increasingly important role in high-growth markets throughout the life sciences,' stated Tim Petersen, Managing Director at Arboretum. 'IntelliCyt is experiencing rapid sales growth, and with this new funding the company is positioned to accelerate its growth and enhance its position as a leading provider of a transformative, next-generation platform for cell and bead-based analyses to optimize breakthrough therapies for precision medicine.'
'Oxford is pleased to provide additional growth capital to support the broad adoption of IntelliCyt's products' said Christopher A. Herr, senior managing director for Oxford Finance. 'The company's revolutionary instrument, reagent and software solutions are being embraced by biotech, pharmaceutical, and leading research institutes throughout the world.'
About IntelliCyt
IntelliCyt Corporation develops innovative tools that facilitate the study of cells, and the components of cells, to gain a better understanding of normal and disease processes. This information is used to revolutionize the discovery and development of new drugs and to provide new insight into the diagnosis of diseases. IntelliCyt was the first to commercialize a true high throughput, cell-based screening platform optimized for suspension cells. IntelliCyt's software is designed to be easy to use and intuitive and to seamlessly integrate the instrument and reagent experience. All of this taken together means the IntelliCyt platform delivers more insight into complex biology. IntelliCyt's products are used worldwide in the top pharmaceutical and biotechnology companies and in translational research labs found in major medical and cancer centers. For more information, please visit http://www.intellicyt.com.
About Arboretum Ventures
Arboretum Ventures is a venture capital firm specializing in the healthcare sector. More than simply a financial resource, Arboretum is a collaborative, value-added investor actively engaging their portfolio companies in strategy, operations, recruiting, fundraising, and exit planning. Arboretum aims to transform young companies into mature and thriving businesses that improve patient outcomes and lower the cost of care, thereby generating superior returns for the entrepreneurs and our investors. Founded in 2002 and headquartered in Ann Arbor, Michigan, Arboretum currently manages approximately $450 million in capital. For more information, please visit http://www.arboretumvc.com.
About Oxford Finance, LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $2 billion in loans, with lines of credit ranging from $500 thousand to $50 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Massachusetts, Illinois, and North Carolina. For more information visit http://www.oxfordfinance.com.