Ativa Medical Secures $15 Million in Series B Funding
Strategic Investor Syndicate to Enhance Ativa’s Access to Global Markets
ST. PAUL, Minn., September 17, 2015-- Ativa Medical, developer of the world’s first diagnostic micro lab designed to assist physicians by enabling faster treatment decisions, today announced that it raised $15 million in new Series B equity funding, bringing its total equity financing to $23.17 million including convertible debt. The funds will support Ativa’s product development to obtain Food and Drug Administration approval of the Ativa micro lab and preparations for commercial launch.
The global syndicate of Series B investors includes:
• Ping An Ventures, the venture capital division of Ping An Insurance
• Hermed Capital, a partnership between Fosun Pharma and SK Group
• Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH), the world’s leading healthcare diagnostics company
• Dian Diagnostics, China’s premier central laboratory service
• GIMDx, U.S.-based in vitro diagnostic R&D and development unit of Guangzhou Improve Medical
• Diamond BioFund, Taiwan’s largest health care fund
“We thank our new investors for their support of Ativa and for the critical global market insight and commercialization access that they provide,” said James McNally, Ph.D., Ativa’s CEO. “Beyond North America, we believe Asia will be the largest global market for in vitro, point-of-care diagnostics, which is why we are particularly thrilled with our newest partners.”
The Ativa micro lab miniaturizes the power of certain larger and costlier central lab blood test instruments into one countertop system to help health providers make informed treatment decisions faster. “Our mission at Ativa is to help clinicians make faster treatment decisions that will improve patient outcomes,” said David Deetz, Ativa’s co-founder and chief technology officer. The Ativa analyzer requires only a few drops of blood to accurately perform many of the most common blood-based tests within 5 minutes, enabling providers to order, run and review lab results in real time, in front of their patients.
“Efficiency and information are key to positive medical outcomes. The Ativa micro lab is an economical solution and value-add to our expanding national clinic and care delivery programs,” said Jiang Zhang, director of Ping An Ventures. “Our goal is to cooperate globally with talented partners like Ativa to bring technologies to market to benefit our 200 million customers.”
Jiang Zhang, director of Ping An Ventures, will join Ativa’s board of directors. Ativa is also pleased to recognize the value Med Qiao added to its strategy and relationships in Asia.
“As the leading independent commercial lab in China, Dian has always been looking for new technologies and new developed tests globally in order to deliver quality medical services to clients,” said Wilson Zhang, director of business development, Dian Diagnostics. “This new technology can assist Dian to expand fast diagnostic results across the whole nation and help decrease medical insurance costs.”
Dr. Larry Liu, president and CEO of GIMDx, said, “We are very pleased to make our investment into Ativa and look forward to our professional collaboration in R&D and commercialization in China because this product has the potential to be vitally useful in many settings of IVD application.”
The Ativa micro lab’s potential for completing commonly co-ordered tests on one platform during the patient visit is central to the company’s vision. Ativa believes that its system will have applications for cellular analysis, may support companion diagnostic testing for treatments such as immunotherapy, or may have utility in clinical research by making trials more accessible.
“We see an expanding market for a solution like this that can address both health economic and clinical needs,” said Haolin Sung, director of direct investment, Diamond BioFund.
About Ativa Medical Corp.
Ativa Medical Corp. is a privately held, emerging growth medical diagnostic company developing and commercializing novel point-of-care diagnostic technologies. Ativa is pursuing approval and commercialization of an innovative tabletop micro lab to enable health care professionals to perform critical hematology and blood chemistry tests on-site and get accurate results in 5 minutes. Visit www.ativamed.com.
About the Ativa Micro Lab
Health care systems are demanding that companies develop more efficient treatment models, as diagnostic testing drives 70 percent of physician decisions. Ativa’s micro lab will help clinicians make faster treatment decisions that potentially improve patient outcomes. Designed to perform the most common blood-based lab tests in a clinical setting, the compact Ativa system combines flow cytometry, electrochemistry, colorimetric testing and imaging. Each test runs on a single, inexpensive, disposable card tailored to the test panel of choice. The Ativa system has advanced to demonstrating equivalence to much costlier central lab systems. The system’s technology, including key microfluidic components, sample preparation, disposable test cards, diagnostic tests and instrumentation, is covered by multiple U.S. and international patents. See the Ativa system: www.ativamed.com/videos/MicroLAB. For Ativa micro lab images, go to www.ativamed.com/photos.asp.
Ativa Medical Corporation
Stephen Floe, 612-293-3993, ext. 619
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