May 31, 2018
Ceres Nanosciences reaches product development milestone for point-of-care Lyme disease test and closes on an additional $5.5M of Series A funding.
MANASSAS, VA – May 31, 2018 – Ceres Nanosciences (Ceres) is announcing today that it has reached a key product development milestone for its Nanotrap® Lyme Antigen Test System. The Nanotrap® Lyme Antigen Test System will proceed into manufacturing and analytical performance testing this year and is on track for clinical study and FDA submission in 2019.
“The Nanotrap® Lyme Antigen Test System presents a unique and powerful approach to dealing with Lyme disease. It will address the critical need for an accurate, direct test for early detection of a devastating disease and it will be available right in the physician’s office,” said Robbie Barbero, Ph.D., Chief Business Officer of Ceres Nanosciences. “Patients and physicians are eager for a better test, and this new test is going to make a big impact.”
In 2017, Ceres opened a Series A round with a $3 million dollar investment from GreyBird Ventures (GreyBird) and reaching this product development milestone unlocks an additional investment from GreyBird. Ceres also is announcing new investments from the Bay Area Lyme Foundation, Pactolus Ventures, and the University of Virginia LVG Seed Fund, bringing the Series A funding total to $8.5 million. Ceres will use these funds to further development of the Nanotrap® Lyme Antigen Test System and to pursue new applications for the Nanotrap® technology.
“Over the past year, our team has sought out investors who can accelerate our growth with their business expertise and strategic advice,” noted Ceres’ CEO, Ross Dunlap. “These new investors have decades of experience in the life science industry and are closely aligned with Ceres’ mission of delivering a powerful technology to the market to benefit patients globally. We are absolutely thrilled to have them join our team.”
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About Ceres Nanosciences, Inc.
Ceres Nanosciences is a privately held company, located in Prince William County, Virginia, focused on incorporating its novel Nanotrap® particle technology into a range of diagnostic and research products and workflows. The Nanotrap® particle technology can improve diagnostic testing by capturing, concentrating, and preserving low abundance analytes from biological samples. The Nanotrap® particle technology was developed with support from the National Institutes of Health, the Defense Advanced Research Projects Agency, the Bill and Melinda Gates Foundation, Schmidt Futures, the Defense Threat Reduction Agency, and the Commonwealth of Virginia. Learn more, including how Ceres is partnering with leading life science, bio-pharmaceutical, and diagnostic companies at www.ceresnano.com.
Ross M. Dunlap
Ceres Nanosciences, Inc
1.800.615.0418 ext. 202