Innovative Biosensors Raises Series B

Innovative Biosensors Inc., a Rockville, Md.-based developer of tests to identify harmful pathogensm has raised $9.5 million in Series B equity funding. Life Sciences Partners led the round, and was joined by return backers Harbert Venture Partners, Chart Venture Partners, New Markets Growth Fund and CNF Investments LLC. The company also secured a $2 million increase to its debt facility from Silicon Valley Bank.

 

PRESS RELEASE

 

Innovative Biosensors Inc. (IBI), a company developing rapid, ultra-sensitive tests to identify harmful pathogens, today announced the completion of an $11.5 million Series B financing which included equity and debt. The Series B was led by Life Sciences Partners (LSP), of Boston, Mass. and involved $9.5M in equity capital. The company also increased its existing debt facility to $2 million from Silicon Valley Bank, a member company of SVB Financial Group (Nasdaq: SIVB). This financing follows on the prior Series A financing of $6.25 million raised in 2005. Previous Series A investors, including Harbert Venture Partners, Chart Venture Partners, New Markets Growth Fund and CNF Investments LLC, an affiliate of Clark Enterprises Inc., participated in this round.

 

The new proceeds will be used to accelerate the commercialization of IBI's sensitive, and rapid biosensor-based technology for the detection of hospital and community acquired infections. Based on the CANARY