TORONTO, ON-ChipCare, a Toronto-based start-up diagnostic company, reports that Biotech Alliances International, a San Francisco-based life sciences investment bank, will serve as the lead investment banker for its $18.8 million Series B capital raise, $2.8 million of which has already been secured.
Leveraging technology developed at the University of Toronto, ChipCare develops accessible diagnostics for inaccessible populations. Its Polyvalent Analyzer (PAx) platform is a point-of-care diagnostic device that consists of a portable, highly mobile analyzer and disposable microfluidic cartridges that provides lab-quality diagnostic results in as little as 15 minutes at the point-of-care. Unlike existing devices, the PAx is able to perform three classes of diagnostic tests and weighs less than two kilograms.
“Over half of the world lives more than a day away from a central laboratory, making it difficult to access the diagnostic tests that are essential to providing medical treatment,” said James Fraser, ChipCare CEO. “As part of the global commitment to eliminate HIV as a global health emergency, our initial assays respond to the World Health Organization’s call for improved point-of-care diagnostics for HIV.”
According to Fraser and Franck Brinkhaus, CEO of Biotech Alliances International, the financing will help ChipCare bring its first generation analyzer and CD4 assay to market.
“We are excited about the opportunity to play a role in bringing a technology that can have an important impact on world health,” said Brinkhaus.