Financing proceeds will support continued commercial expansion, development of new applications, and product development.
BURLINGTON, Mass., October 18, 2021--(BUSINESS WIRE)--RedShift BioAnalytics Inc. (RedShiftBioⓇ), a company providing next-generation platform technology enabling measurement of previously undetectable structure changes in biomolecules, announced today the closing of its Series E Preferred Stock financing. The $20 million financing was led by Illumina Ventures and joined by all of the company’s current major investors, including Technology Venture Partners and Waters Corporation. Proceeds of the financing will be used to fund additional commercial expansion, continued technology innovation, and execution of its product development objectives.
"We are tremendously proud of the impact our proprietary Microfluidic Modulation Spectroscopy (MMS) has had supporting development of biotherapeutics and vaccines at biopharmaceutical companies around the globe," said Julien Bradley, Chief Executive Officer of RedShiftBio. "This major financing led by one of the top venture capital firms in the life sciences industry validates our company’s technology and market opportunity and provides capital to continue to accelerate our growth and innovation."
"RedShiftBio has made great strides in developing and launching its novel platform technology, and this financing will position the company very strongly to execute against the sizeable market opportunity for MMS in the field of structural biology," said Wouter Meuleman, Partner of Illumina Ventures.
RedShiftBio’s flagship AQS3pro instrument provides users with a fully automated platform for making ultrasensitive, ultraprecise measurements of the secondary structure of proteins, mRNA, AAVs, ADCs, mAbs, and other biomolecules. A rapidly growing list of publications from users around the world continues to demonstrate the platform’s broad utility across a wide range of applications from drug discovery and development to formulation and quality control. RedShiftBio has sold instruments to the majority of leading biopharmaceutical companies in North America, Europe, and Asia and recently announced the grand opening of its StructurIR Scientific Services Lab, which will provide institutions with the ability to access the ground-breaking technology for sample testing and proof-of-concept experiments.
"We are pleased to welcome Illumina Ventures as an investment partner and a key sponsor of the company, its technologies, and its products," said Bryson Hollimon, Managing General Partner of Technology Venture Partners and Chairman, RedShift BioAnalytics, Inc. "The capital provided by this financing will accelerate RedShiftBio’s growth and expanding market opportunity."
RedShiftBioⓇ is a forward-thinking technology company providing a novel life sciences platform for reliable and accurate detection of pivotal changes in molecular structure that affect the critical quality attributes governing the safety, efficacy, and stability of biomolecules and their raw materials. The company has developed a powerful new analytical technique, Microfluidic Modulation Spectroscopy (MMS), that provides in-depth structural information in a single automated analysis. RedShiftBio is headquartered out of Burlington, Massachusetts. For more information, please visit www.redshiftbio.com.
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