CHARLOTTESVILLE, VA – With their first product already in the international marketplace and a second just launched, Phthisis Diagnostics has announced a successful second round of angel funding. The original investors, Piedmont Angel Network and New Dominion Angels, have contributed $147,500 to this round and seven more investors have committed an additional $262,500 for a total of $410,000 in fresh funding. New investors in Phthisis Diagnostics include Piedmont Investment Advisors LLC (through its affiliate Militello Capital), MooDoos Limited Partnership, Ronald Harris, Virga Ventures LLC, Daniel Brody, and Afton Scientific NA LLC.
“We are delighted to have this additional investor support. This will enable us to continue marketing our existing products and to continue expansion of our product lines,” observed Crystal Icenhour, PhD, President and Chief Science Officer for Phthisis. “The funding will be used to complete development and clinical trials for our first diagnostic for parasites. We expect to release this molecular diagnostic product within the next 18 months. Additional diagnostics for fungi and mycobacterium, as well as molecular standards for improved laboratory quality control, are also in development.”
“We are excited about the rapid progress the Phthisis team has made and their clear path to success,” said Bill Militello, Managing Principal at Piedmont Investment Advisors, a Leesburg, VA-based investment firm (www.piedmontRIA.com). The enthusiasm is shared by Andy Dreyfuss, Fund Executive for the Piedmont Angel Network, who noted “The Piedmont Angel Network has been pleased with the progress made by Phthisis Diagnostics since the spring of 2011 and continues to be excited about the release of the company’s first molecular diagnostic test for parasites scheduled for early 2013.” The firm is headquartered in Winston-Salem, NC.
Recently, Dr. Icenhour was featured as one of “40 Medtech Innovators Under 40” by industry publication MD+DI Medical Device and Diagnostic Industry News Products and Suppliers. Earlier this spring she was recognized with a prestigious national award for her success as an entrepreneur, combining science and business, when she was named the 2012 Ewing Marion Kauffman Foundation Outstanding Postdoctoral Entrepreneur by the Foundation and the National Postdoctoral Association (NPA).
Phthisis Diagnostics’ newest product launch is its E-Sphere® Simple NA Kit for easily and quickly extracting nucleic acids from clinical, research, and environmental samples. The company develops enzyme-based extraction kits for rapid sample preparation prior to PCR applications in laboratories. The kit’s optimized workflow minimizes procedural steps, sample transfers, and potential for error. The new product is part of the developing Simply Molecular® product catalogue, a range of innovative molecular diagnostic products designed for speed, accuracy and ease of use that offer solutions for Nucleic Acid Extractions, Molecular Diagnostics and Laboratory Quality Control.
Recently, Phthisis announced its first distribution agreement for international sales. Bio Products¸ Inc. will distribute the company’s product line throughout Latin America.
For more information about the company and its products, please visit www.phthisisdiagnostics.com.