ImmunArray has received a $10 million investment that will help it further develop its blood-testing technology for chronic diseases such as lupus and for traumatic head injuries
The lead investor is Exigent, a private-equity firm based in New York and Jerusalem. The firm operates multiple funds in liquid markets, as well for vehicles for private equity and venture capital investments.
ImmunArray is a molecular diagnostic company co-headquartered in Rehovot, Israel and the Virginia Biotechnology Research Park in Richmond, Va. It was founded in 2006, since it has developed a series of blood-based tests using its proprietary iCHIP® technology that can determine the presence of a specific set of molecular biomarkers that are linked to particular disease or condition. The company’s first commercially available test is the SLE-Key® Rule-Out Test, to definitively establish that a patient does not have Systemic Lupus Erythematosus (SLE) or lupus.
“ImmunArray has made tremendous progress in developing a diagnostic platform that is demonstrating its capacity to transform how diseases and other conditions are diagnosed – with greater efficiency, higher levels of accuracy and enhanced simplicity,” said Eliezer Brender, chief investment officer, Exigent. “The company has assembled a very experienced and knowledgeable management team, a team that not only will continue to lead development efforts into new diagnostic arenas but also work to commercialize these products in the marketplace. As ImmunArray begins to drive revenue and reimbursements from insurers for their tests, this investment will serve to accelerate its progress.”
“This major investment from Exigent is not only a validation of our early work, but it also allows us to accelerate and expand our commercial infrastructure, widen our reach into lupus-related products and broaden our work into other autoimmune diseases,” said Donna Edmonds, CEO and Chairman, ImmunArray. “The funding also will help us leverage our considerable progress in the area of traumatic brain injury as we move to market on that front. We are grateful for this vote of confidence from our colleagues at Exigent and look forward to accomplishing great things together.”