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 the development of research and diagnostic products using its unique and proprietary Nanotrap® particle technology. The Nanotrap® particle technology provides powerful biomarker capture and biofluid sample processing capabilities for a wide array of diagnostic applications and sample handling needs. The Nanotrap® particle technology was invented at George Mason University and developed under funding from the National Institutes of Health (NIH). With support from the NIH, the Defense Advanced Research Projects Agency (DARPA), the Bill and Melinda Gates Foundation, and the Commonwealth of Virginia, Ceres is focused on incorporating this technology into a range of innovative diagnostic products. Learn more at www.ceresnano.com
Ross M. Dunlap
Ceres Nanosciences, Inc
1.800.615.0418 ext. 202