October 7, 2008
Great Basin Scientific, Inc. Closes $3.9 Million in Equity Funding
SALT LAKE CITY, Oct. 7 /PRNewswire/ -- Great Basin Scientific, Inc., a privately held life sciences company developing novel, point-of-care molecular diagnostic solutions, today announced it had closed a $3.9 million financing round. New and returning investors participated in the funding for this round.
The new round of financing will fund the company through the spring of 2009 as it completes the design of its rapid molecular diagnostic testing platform and brings a methicillin-resistant Staphylococcus aureus (MRSA) test into clinical trials. The silicon chip based technology is simple, cost-effective and improves on the highly complex, traditional Polymerase Chain Reaction (PCR) method that requires the skills of highly-trained technicians and often times multiple rooms to avoid cross contamination of tests. The company's highly-sensitive, easy-to-use integrated cartridge system which can be performed in a CLIA-rated moderately complex or waived laboratory, will give healthcare providers and their patients the benefit of point-of-care test results within a 20 - 60 minute time frame at costs much lower than current molecular solutions.
"This financing coincides with an exciting time for our company as we begin to develop important technology that will bring rapid disease diagnosis nearer to the patient to improve clinical outcomes and reduce treatment cost," said Ryan Ashton, president and CEO, Great Basin Scientific. "This commitment by our investors shows a strong indication of confidence in our innovation, use of technology, strategy and leadership team. "
About Great Basin Scientific
Great Basin Scientific, Inc. is a privately held life sciences company that commercializes breakthrough technologies for the molecular, rapid diagnostic testing market. The company is dedicated to development of simple yet powerful point-of-care technology and products that improve automation, throughput, scalability, reliability and ease of use of rapid diagnostic testing for point-of-care settings such as physician's office labs, small-medium hospital labs and other moderately complex laboratory facilities.
The company was founded in 2003 by David Ward, Ph.D., deputy director of the Nevada Cancer Institute, formerly of Yale University of Medicine, and Anthony R. Torres, M.D., senior scientist and director of the Immunogenetics Laboratory, Utah State University. More information can be found on the company's Web site at http://www.gbscience.com/.
Great Basin Scientific, Inc.
CONTACT: Mary-Katharine Juric of Edelman, +1-415-486-3269,[email protected], for Great Basin Scientific, Inc.
Web site: http://www.gbscience.com/