16 February 2017
Ceres Nanosciences traps initial $3m
George Mason University spinout Ceres Nanosciences has closed a first tranche of its $9m series A round.
Author: Thierry Heles, editor
Ceres Nanosciences, a spinout of George Mason University developing a test to detect Lyme disease, has raised $3m in series A funding led by early-stage VC firm GreyBird Ventures.
The investment marks a first tranche of Ceres’ $9m series A round. GreyBird has committed up to $5.5m over the next year alongside additional support.
Ceres Nanosciences is developing Nanotrap, a nanoparticle technology that uses bio-marker capture and bio-fluid sample processing to diagnose conditions.
The company’s first application of Nanotrap is a urine-based test to detect Lyme disease at its earliest stages. Lyme disease is a bacterial infection that causes fatigue, flu-like symptoms and a rash.
The funding will support accelerated development of the test, which Ceres hopes will gain regulatory approval within two years.
Nanotrap has been developed with funding and support from the National Institutes of Health, the Defense Advanced Research Projects Agency, the Bill and Melinda Gates Foundation, and the Commonwealth of Virginia.
The US Department of Defense last year awarded $980,000 to Ceres Nanoscience to adapt Nanotrap to capture immune makers from non-invasive sample types, in collaboration with Tufts University and George Mason University.
Ross Dunlap, chief executive of Ceres Nanosciences, said: “This is a milestone achievement for Ceres Nanosciences and the timing could not be better, as there is a growing demand from patients and physicians, alike, for better ways to conduct non-invasive and highly accurate testing.
“Our Nanotrap technology platform will enable a convenient way of detecting Lyme disease, routinely and effectively, using a patient’s urine sample and a simple point-of-care test device.”
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