Diagnostics firm Chronix busts out of stealth, looks for cash
Chronix Biomedical, a diagnostic test development company that has operated mostly in secret since its 2000 inception, has finally come out of its shell — publishing information on its product in three academic journals and announcing its push for commercialization. To fuel the latter, it has already secured $845,000 in a third round of venture funding but hopes to rack up at least $2 or $3 million before the close of the round, VentureWire reports.
The San Jose, Calif. company is working on tests that circulate DNA and RNA fragments in the bloodstream. These bits can be used to detect a wide range of diseases from cancer to mad-cow disease, Chronix claims. To narrow its focus, the firm plans to hone in on diagnostic tests for just breast cancer, white blood cell cancer and mad cow. It says it will be seeking partnerships with other biotech firms in these areas to get the job done.
The current round has the capacity to take in $10 million, but Chronix says it wants to leave some of that available for partners who want to take a sizable stake in the company. It previously raised $20 million from Pentagram Partners, PrairieGold Venture Partners and individual investors.
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