@ KIYATEC Announces Initial Close on Series A Funding Round | SEBIO

KIYATEC Announces Initial Close on Series A Funding Round

Posted by on May 24, 2012

GREENVILLE, S.C.–KIYATEC Inc. today announced the initial close of its Series A funding round. The financing was led by institutional investor Nexus Medical and Technology Capital (Greenville, SC and Quincy, MA) and Greenville, SC based Upstate Carolina Angel Network, and included additional private investors. Contingent with this close, SC Launch and other debt investors now have equity positions in the company. Proceeds from the initial financing will be used to advance two 3D cell-based assays for more predictive evaluation of cancer efficacy and certain kinds of liver toxicity for drug and biologic candidates.

“We have been following their progress for some time and, based on the company’s achievements, we felt that the time was right. We hope that our financial support and access to Nexus’s relationships in the US and in Europe will contribute to their future success.”

“Pharmaceutical and biotech companies will soon benefit from KIYATEC’s ability to incorporate perfusion and segregated co-culture intoin vitro models, and the resulting increase in sensitivity and predictive capability,” said Matt Gevaert, the company’s CEO. “The ability to detect a compound that would otherwise fail in clinical trials, before it is used in humans or tested in animals, yields huge benefits. Patients and doctors can focus more precious time and energy on future winners, resulting in significant cost reductions for both the industry and our health care system. Data confirms that perfused 3D co-cultures are superior in vitro models – the additional complexity makes them more like our bodies – but prior to our 3DKUBE™ platform, this type of experiment was not convenient or cost effective.”

KIYATEC has already brought its 3DKUBE™ to market and is experiencing initial buy-in from the relevant research community. It offers a complete disposable “flow circuit” – all the components necessary for a perfused 3D co-culture experiment – for less than $30. The company’s contract service arm also currently provides cell-based testing services to medical device companies looking for more relevant characterization of cell-material interactions for regulatory applications, quality control or product development. The extension of KIYATEC’s contract services to pharmaceutical and biotech companies for preclinical evaluation of drugs and biologics builds on these existing activities.

“We are excited to invest in the team at KIYATEC,” said Gregory Zaic of Nexus. “We have been following their progress for some time and, based on the company’s achievements, we felt that the time was right. We hope that our financial support and access to Nexus’s relationships in the US and in Europe will contribute to their future success.”

“The SCRA Technology Ventures’ SC Launch program congratulates Matt and the entire team at KIYATEC for their recent investment funding,” said SCRA CEO Bill Mahoney. “Our program has mentored and helped connect the company throughout its early to mid-stage development over the past four years. We are moving forward to convert our investment in KIYATEC into a meaningful equity position. We are delighted to have an ongoing relationship with KIYATEC and look forward to their continued success.”

http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsLang=en&newsId=20120523006379&div=928298533

 

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