BioMarker Strategies Raises $1.7 Million, Including Investment by Abell Foundation
BALTIMORE-(Business Wire)-September 11, 2009 - BioMarker Strategies announced today that it has raised $1.7 million in a private placement funding round that occurred in conjunction with the Maryland Biotechnology Investment Incentive Tax Credit Program. BioMarker Strategies is developing the patent-pending, SnapPath™ testing system to enable oncologists to determine the most effective drug treatment for their cancer patients. During this funding round, the largest investment came from the Abell Foundation (www.abell.org), a charitable organization dedicated to the enhancement of the quality of life in Baltimore, Maryland, including the promotion of job growth in the region.
“We are honored to have the Abell Foundation as our first institutional investor. We also welcome their support of our effort to develop a live tumor cell testing system designed to help oncologists choose the right drug therapy for their cancer patients,” said Kären Olson, CEO of BioMarker Strategies. “Even in this challenging economic environment, we found that investors are eager to support innovative biotech companies.”
BioMarker Strategies (www.biomarkerstrategies.com) is developing a novel automated tumor biopsy processing and testing system, called SnapPath™, that is being designed to quickly test and analyze a patient’s live solid tumor sample at the point of biopsy. The company is also developing a series of functional, pathway-based, ex vivo biomarker tests to help guide an oncologist’s use of targeted cancer therapeutics. The SnapPath™ technology is also being designed to reduce patient waiting times for molecular diagnostic test results from several weeks to several hours.
The company is one of the first commercial tenants at the Johns Hopkins Science + Technology Park in East Baltimore developed by the Forest City-New East Baltimore Partnership. The company’s CEO, Kären Olson, was recently awarded the “Leadership in BioScience Award” by the Greater Baltimore Committee and was a previous Ernst & Young Maryland Entrepreneur of the Year. BioMarker Strategies is a participant in the Maryland Biotechnology Investment Incentive Tax Credit Program, a unique state program designed to stimulate investment in early stage Maryland-based biotechnology companies.
Some of the information in this release contains our projections or other forward-looking statements regarding future events. We wish to caution you that these statements are only predictions and actual events or results may differ materially. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. Forward-looking statements included herein are made as of the date hereof, and we undertake no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.
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