Accuri Cytometers Completes $6 Million Series E Financing
Accuri Cytometers Completes $6 Million Series E Financing
ANN ARBOR, Mich., July 12 /PRNewswire/ -- Accuri Cytometers, Inc., a world leader in providing life science researchers with easy-to-use, cost-effective flow cytometers, today announced completion of a $6 million Series E preferred stock financing. The financing included current investors Arboretum Ventures, Baird Venture Partners, Fidelity Biosciences, Flagship Ventures and the InvestMichigan! Program co-managed by Credit Suisse. Accuri plans to use the proceeds from the Series E financing to support expansion of the Accuri C6 Flow Cytometer® System into the clinical in vitro diagnostics (IVD) market. The Accuri C6 is a revolutionary product designed to bring the power of flow cytometry analysis to every life sciences and biomedical laboratory. Explicitly designed for routine use by scientists in their own labs, Accuri's flow cytometer is a full-featured bench-top cell analysis system that provides capabilities similar to industry-leading flow cytometers in a much more user-friendly format and at a fraction of the cost.
"Fueled by our continued sales growth in the U.S. and Europe and our recent expansion into international markets in Asia and South America, Accuri is now one of the fastest growing cell analysis companies worldwide," said Jeffrey Williams, President and CEO of Accuri. "This financing round will enable us to respond to a rising number of requests for an Accuri flow cytometer for clinical diagnostic applications, providing the same benefits of high performance, cost-effectiveness and ease-of-use experienced by our life science research customers."
Accuri is currently implementing an ISO13485 Quality System in preparation for the planned European launch of the Accuri C6 Flow Cytometer with CE-IVD mark certification for clinical use, to be followed by a 510 (K) regulatory submission to the Food & Drug Administration seeking clearance to market the Accuri C6 Flow Cytometer for clinical IVD applications in the U.S.
Dr. Francis Mandy, Consultant to the International Center for Infectious Diseases in Winnipeg, Canada, commented, "It is welcome news that Accuri is proceeding with the development of a clinical version of the C6 flow cytometer--the compact platform offers performance to match and exceed clinical demands with ease-of-use and affordability."
The Accuri C6 Flow Cytometer is not currently cleared for human clinical in vitro diagnostic use by the U.S. FDA.
About Accuri Cytometers
Accuri Cytometers, Inc. is a life sciences company developing and marketing revolutionary high performance cell analysis systems designed to bring the power of flow cytometry into life science and biomedical labs everywhere. Reflecting the input of hundreds of researchers, the Accuri C6 Flow Cytometer is a full-featured bench-top cell and bead analysis system that provides similar capabilities to those of industry-leading flow cytometers in an easy-to-use format and at a fraction of their cost. The Accuri system was engineered from the start to be compact, powerful and user-friendly, while also being affordable by most research laboratories. The Accuri CSampler® adds simple, reliable and user-friendly automation to the Accuri C6 Flow Cytometer System. For more information, please visit www.accuricytometers.com.
About Arboretum Ventures
Arboretum Ventures is an early-stage venture capital firm specializing in the healthcare sector. Arboretum invests throughout the United States, with a special interest in the Midwest region. Founded in 2002 with headquarters in Ann Arbor, Mich., Arboretum Ventures currently manages $97 million in capital. For more information, please visit www.arboretumvc.com.
About Baird Venture Partners
Baird Venture Partners, the U.S.-based venture capital fund of Baird Private Equity, makes venture capital investments in early and expansion stage business services and life sciences companies. Baird Venture Partners leverages its in-depth sector knowledge, experienced investment team and network of relationships to serve as a value-added partner for its portfolio companies. For more information, please visit www.bairdventurepartners.com.
About Fidelity Biosciences
Fidelity Biosciences is headquartered in Cambridge, Massachusetts and invests in biopharmaceutical and medical technologies across a variety of markets including therapeutic, diagnostic, medical device, and discovery tools. It is led by a seasoned investment team with diverse backgrounds representing more than 200 years of experience in science, industry and finance. The depth of the team's expertise enables Fidelity Biosciences to be engaged investors and board members seeking to add value through a mix of strategic guidance and hands-on leadership. Fidelity Biosciences is privately owned by FMR LLC, the parent company of Fidelity Investments, along with other investors associated with FMR LLC, and has a clear focus on building long-term value. For more information, please visit www.fidelitybiosciences.com.
About Flagship Ventures
Flagship Ventures is a leading venture capital firm focused on creating, financing and building companies that will transform the future of life sciences and cleantech. Founded in 2000, Flagship manages over $600 million in early-stage funds and operates from its offices at Kendall Square in Cambridge, MA. With an active portfolio of over 40 companies, Flagship has a track record of building highly innovative and successful companies across its principal business sectors: Therapeutics, Life Science Tools & Diagnostics, and BioEnergy/Cleantech. For more information, please visit www.flagshipventures.com.
About Credit Suisse
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 48,300 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
For additional information, contact:
Accuri Cytometers, Inc.
Chief Financial Officer
GendeLLindheim BioCom Partners