May 16, 2006 – Nanosphere announced that it has closed $57 million in a Series D financing round. The round was led by Bain Capital LLC and included financing from Allen & Company and founding investor Lurie Investments. The Northbrook, Ill.-based nanotechnology-based molecular diagnostics company was started with technology discovered at Northwestern University.

“We’ve validated our core technology and delivered early versions to customers, and now we’re focused on clinical trials in preparation for an anticipated commercial launch later this year,” Nanosphere CEO William Moffitt said in a written statement. “This funding will help ensure our ability to launch the Verigene System and to develop additional opportunities for commercialization.”

The company’s Verigene System is a platform for genomic testing that eliminates the need for polymerase chain reaction (PCR). The financing will also help the company develop and commercialize its Biobarcode technology for protein and nucleic acid detection.

“When commercialized, the technology promises to make possible earlier detection of certain cancers, neurological disorders and other conditions, and has the potential to address a tremendous market opportunity,” said James Nahirny, managing director at Bain Capital Ventures, in a written statement.

James Nahirny and Jeffrey Crisan from Bain Capital were added to the company’s board of directors at the close of the funding round.