Nov. 30, 2005 — Adnavance Technologies Inc., a Vancouver, British Columbia nanobiotechnology company, announced that it has completed a Series A round of financing totaling $3.85 million.
The company is developing product applications that use the electrical conductivity properties of both DNA and novel metallic forms of DNA for healthcare and nanotechnology applications.
The round was led by the Working Opportunity Fund, with additional participation from BC Medical Innovations Fund, Canadian Medical Discoveries Fund and the Business Development Bank of Canada.
The proceeds will be used to advance the company’s core M-DNA technology for a number of commercial applications, with a primary focus on the development of ultra high sensitivity biosensors, molecular detection devices used to improve medical diagnosis and predict disease outcome. The company’s technology is designed to enable the detection of a variety of infectious diseases, both viral and bacterial, in less than five minutes. It also is working on other applications.
The company has also secured substantial funding from The National Research Council’s Industrial Research Assistance Program and from The Natural Sciences and Engineering Research Council of Canada to support its research and development programs.