Advion announces equity funding

May 7, 2002 — Ithaca, N.Y.’s Advion BioSciences Inc. announced today the placement of more than $15 million in Series B preferred shares.

The investment round was led by Skyline Ventures and Perseus-Soros BioPharmaceutical Fund, according to a company news release. Polaris Venture Partners and Soros Private Equity Partners also participated. John Freund of Skyline, Steven Elms of Perseus-Soros, and Christoph Westphal of Polaris have joined the company’s board.

The round is Advion’s first equity funding since its founding in 1993. The company says it will use the capital to commercialize its NanoMate platform for nanoelectrospray mass spectrometry analysis, among other purposes. The technology is used for pharmaceutical discovery and development. The chip used in the NanoMate platform is an array of 100 microfabricated electrospray nozzles.


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