Net Proceeds To Be Used for COVID-19 Manufacturing
Tangen Biosciences, Inc., a molecular diagnostic company located in Branford, Connecticut, announced that it has closed a $12.2 million Series B Preferred Stock financing with participation of current and new investors, including Connecticut Innovations, VC23, Leading Edge Ventures, and Parvizi Surgical. The financing was oversubscribed from the $10 million initially sought to be raised. The net proceeds of the financing will be used to scale up the manufacturing capacity for Tangen’s SARS-CoV-2 point-of-care diagnostic test being developed to fight against the COVID-19 pandemic. The funds will also be used to support accelerated development work on an upcoming panel test that will include FluA/B, RSV and SARS-CoV-2.
Tangen also announced two new members of the Board of Directors: Vance Kershner and Alan Levin.
Mr. Kershner is the Founder, President and CEO of LabWare, Inc., which develops and implements software for automating laboratory operations. LabWare is a leading global company known for its Laboratory Information Management Systems (LIMS) and Electronic Laboratory Notebooks (ELN). LabWare is taking a lead role in the paperless accessioning of patients in Florida.
Mr. Levin served as President and CEO of Happy Harry's, the tenth largest drugstore chain in the US, before its merger with the Walgreen Company in July 2006. During Mr. Levin’s tenure he grew the company from 16 to 76 stores, 2700 employees, and revenues increased from $66 million to nearly $500 million. Mr. Levin also served as the Director of the Delaware Economic Development Office, DEDO. During his 6½-year term, he was responsible for the business and economic strategies for the State of Delaware.
Mr. Kershner’s expertise for laboratory information management and Mr. Levin’s successful experience of retail drugstore chain management and working for State government are expected to add significant value to Tangen’s digital data connection as well as commercialization strategy.
Richard Birkmeyer, President and CEO at Tangen commented: "The Series B financing will be used for manufacturing and commercialization of Tangen’s point-of-care COVID-19 molecular test. Adding the expertise of Vance and Alan to our Board will bring Tangen to the next level of growth. Tangen’s panel test for simultaneously detecting SARS-CoV-2, FluA/B and RSV are planned for release this fall during the flu season. Once the type of respiratory disease is identified, patients can experience better clinical outcome by having target-appropriate treatment. I am pleased that Tangen Biosciences is in a unique position to be a molecular diagnostic point-of-care platform that can detect all of these viruses simultaneously."
About Tangen Biosciences, Inc.:
Tangen Biosciences, Inc. was founded in 2013 and is located in Branford, Connecticut. The company developed the TangenDx™ platform for fast and accurate detection of targeted DNAs and RNAs directly from specimens by using rotary rapid isothermal nucleic acid detection. The Tangen system consists of the TangenDx™ disc and the GeneSpark™ instrument, an automated amplification device. The TangenDx™ platform, which does not require laboratory facilities, is expected to deliver faster, simpler, more sensitive detection at a lower cost than other commercial technologies. Current tests in development include COVID-19, Candida auris, sepsis causing bacterial panel, antibiotic resistance genes, and a fungal blood panel. The system can process samples from whole blood, sputum, skin swabs, nasopharyngeal swabs, etc. The TangenDx FluA/B, RSV and SARS-CoV-2 Panel assay is planned to be released by the upcoming fall season. To learn more, please visit: https://tangenbioscience.com/
This press release contains "forward-looking statements" concerning the development and future commercialization of the company’s products, the potential benefits and attributes of such products, the availability and anticipated benefits of certain partnering and strategic opportunities, and the company’s expectations regarding its prospects. Forward-looking statements are subject to risks, assumptions and uncertainties that could cause actual future events or results to differ materially from such statements. These statements are made as of the date of this press release. Actual results may vary. Tangen Biosciences undertakes no obligation to update any forward-looking statements.
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Tangen Biosciences, Inc.
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