Purigen Biosystems Secures $26.4M Series B Financing to Accelerate Commercialization of ITP-Based Nucleic Acid Sample Preparation Platform

VCBeat (WeChat ID: vcbeat) learned from foreign media that on June 12, biotechnology company Purigen Biosystems announced the completion of a $26.4 million Series B financing round. The proceeds will be used to accelerate the launch of its core isotachophoresis (ITP) sample preparation platform, develop new features for it, and expand commercial operations.

It is reported that this round of financing was led by Agilent Technologies, with participation from new investor Cota Capital and existing investors 5AM Ventures and Roche Venture Fund. Additionally, as part of the investment, Kevin Corcoran, Vice President and General Manager of Agilent Technologies, will join the board of directors of Purigen Biosystems.

Kevin Corcoran stated, “We continually seek out and invest in technologies that complement Agilent’s offerings. These technologies will drive new breakthroughs in the life sciences applications market of the future. We believe that Purigen Biosystems’ proprietary technology platform holds significant advantages, capable of substantially improving sample yield and integrity.”

Purigen Biosystems, founded in 2012, is a biotechnology company based in Pleasanton, California, USA. The company has developed an isotachophoresis (ITP) chip for nucleic acid preparation, which can purify and quantify nucleic acid samples from various sources, including challenging cancer samples.

Currently, Purigen Biosystems’ proprietary technology enables automated extraction of DNA and RNA, significantly enhancing yield and purity during cell culture, cell sorting, and liquid biopsy procedures. This technology is based on the high-efficiency isotachophoresis technique invented by Dr. Juan Santiago and his team at Stanford University, and it is compatible with a variety of downstream detection methods, such as next-generation sequencing, PCR, and other genomic assays.

Bobby Yazdani, Founder of Cota Capital, stated: “Cota Capital focuses on investing in world-class management teams capable of building the businesses of the future. We recognize the leadership team and disruptive technology at Purigen Biosystems, and we look forward to helping their company succeed.”

“Purigen Biosystems will transform the way nucleic acids are obtained from clinical genomics samples, improving both the yield and quality of nucleic acid preparation,” said Dr. Barney Saunders, CEO of Purigen Biosystems. “Investments from Agilent and Cota Capital validate the opportunities for Purigen Biosystems in the sample preparation market. With the launch of our first ITP-based products, we believe we can help scientists maximize the extraction of useful information from precious samples.”

Agilent, founded in 1999, is a biotechnology company headquartered in Santa Clara, California, USA. The company specializes in the development of test and analytical instruments, with core business activities encompassing the manufacture of life science instruments, semiconductor products, fiber-optic network devices, and measurement instruments.

Cota Capital, established in 2011, is an asset management firm based in New York, USA. The company is co-led by Robert Cote and Ralph Faison, both of whom have over 25 years of experience in intellectual property investment and management.

5AM Ventures is a venture capital firm founded in 2002 and headquartered in Menlo Park, California, USA. The firm primarily provides funding to seed- and early-stage life sciences companies, focusing on those in the biopharmaceutical, life sciences, medical technology, and medical device sectors.

Roche Venture Fund, established in 2002 and headquartered in Basel, Switzerland, is the corporate venture capital arm of Roche, a renowned healthcare company. To date, the fund has invested in more than 60 companies worldwide, maintaining a portfolio of approximately 30 companies across 10 countries in Europe, North America, and the Asia-Pacific region. As an evergreen fund with CHF 500 million in capital, it has currently deployed around 40% of its funds.

(Compiled by: Wang Chan)