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  • Alverix, Inc. Secures $7.7 Million Series A Venture Capital Financing

    February 8th, 2008 No comments

    Alverix Inc. recently announced that it has secured a $7.7 million Series A financing round from Safeguard Scientifics and New Venture Partners. Alverix, Inc. is a point-of-care (POC) diagnostics technology provider. Joining Safeguard Scientific in this funding is New Venture Partners LLC, the global venture capital firm dedicated to corporate technology spinouts. Alverix will use the proceeds of this financing round for key hires, product development and commercialization of its POC assay devices.

    “Alverix fits within our core competency of partnering with innovative life sciences companies that target diagnostics, medical device or specialty pharmaceuticals,” said Peter J. Boni, President and CEO of Safeguard Scientifics. “Safeguard’s life sciences team together with New Venture Partners’ technology expertise will be invaluable for Alverix as it moves to partner with diagnostic marketers and manufacturers to usher in the next generation of point-of-care diagnostics.”

    “Alverix’s technology is well positioned to exploit portions of the $9 billion fragmented POC and $18.7 billion central laboratory markets where its devices are applicable,” says Gary J. Kurtzman, MD, Vice President of Life Sciences at Safeguard, and interim CEO for Alverix. “This disruptive technology delivers more functionality, in particular greater sensitivity and accuracy at a greatly reduced cost. The company’s technology platform allows it to expand accessibility of existing and new diagnostic tests and promotes the next generation of diagnostics that will be designed for broad use by physicians and patients.”

    Two macro trends are fueling increased demand for POC rapid tests. First, the cost and efficiency of the delivery of healthcare will be greatly augmented as more diagnostics tests are performed more quickly at the point of care. Second, as consumers begin to take greater ownership of their own healthcare, there is growing demand for accessibility to diagnostic testing, in retail settings as well as in the home.

    “This is an exciting time for the Alverix team,” said Patrick T. Petruno, Founder and Chief Operating Officer of Alverix. “Under the umbrella of a large company, we conceived and incubated the concepts behind a new instrumentation platform for Point of Care applications. Now, as an independent company, made possible by Safeguard Scientifics and New Venture Partners, we are well positioned to further develop and commercialize our products. Our ultimate goal is to revolutionize POC diagnostic testing, allowing physicians and eventually patients to better monitor and manage their healthcare needs with the confidence that the results can be used for immediate treatment.”

    Gary Kurtzman and David Tennenhouse, Partner at New Venture Partners, will join Alverix’s Board of Directors.

    Founded in 2007 and based in San Jose, CA, Alverix builds upon a 30-year legacy of expertise in optical sensors, image processing, software, and signal enhancement algorithms. The company’s product focus is producing low cost, handheld reader devices with the accuracy and precision of laboratory instrumentation. Alverix partners with diagnostic companies seeking to increase current test accuracy, improve the portability of existing tests, or develop new assays for use in physician offices, laboratory outreach locations, retail clinics and homes. With strength in product design, product development, and high throughput manufacturing, Alverix is leading the transition of diagnostic testing from the laboratory to on site locations where immediate results are critical to patient care.

    For more information, please visit www.alverix.com

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