Micronics completes Series C financing

The Series C financing complements the company’s Series B financing that was completed earlier in 2008. The Series B was led by private investors. Together, these two financings are expected to result in $9 million of new capital being infused into Micronics.

Patrick Morand joins Micronics’s board of directors as a representative of the Southwest Michigan First Life Science Fund. Previously, he was executive in residence of the Pittsburgh Life Sciences Greenhouse (PLSG), a public/private investor in regional life sciences companies.

Prior to PLSG, Mr Morand was a three-time CEO in the biologics industry. He served as vice president of commercial operations for Genesis Therapeutics (an Aventis Behring spinout company) and executive vice president of Sequitor Medical Technologies.

Karen Hedine, president and CEO of Micronics, said: “Micronics is poised to advance a new class of clinical diagnostic tests, and the Series C provides additional leverage to advance product development, including clinical testing required for initial product launch.

“Earlier investments in the company made it possible for Micronics to build a technology platform, particularly with respect to rapid DNA and RNA testing in a disposable device. We are now able to apply that established technology platform to a number of products in development that will be responsive to global healthcare needs for improved infectious disease detection and diagnosis.”