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Tangen Biosciences Closes Oversubscribed $12.2M Series B Preferred Stock Financing

Aug 06, 2020•about 5 years ago

Amount Raised

$12 Million

Round Type

series b

Branford

Description

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.

Company Information

Company

Tangen Biosciences

Location

Branford, Connecticut, United States

About

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/

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