February 29, 2008 — Adnavance Technologies Inc., a developer of microarray-based direct detection molecular diagnostic tests for medical applications, has completed a Series B financing totaling $3.8 million.

The proceeds will fund continued development and expansion of the company’s proprietary metallized-DNA (M-DNA) technology. The company also announced that veteran industry executive V. Randy White joined as chief executive officer.

The financing was led by Working Opportunity Fund, managed by GrowthWorks Capital Ltd, JovInvestment Management, and Business Development Bank of Canada (BDC).

“We expect that our patented direct detection molecular diagnostic technology will serve to decentralize the worldwide molecular testing market by enabling hospitals and smaller independent laboratories to conduct their own testing, reducing health care costs and enabling patients to be evaluated and treated at their point of care,” said White. “Our technology is sensitive enough to directly detect DNA targets in human samples using a small, fully automated desktop device.”

Adnavance is initially developing an M-DNA molecular diagnostic kit targeting MRSA (Methicillin Resistant Staph Aureus).

M-DNA is based on the conducting properties of hybridized DNA. Under strict reaction conditions, certain metal ions can enter the central core of hybridized DNA and displace the hydrogen bonds forming the equivalent of a metal wire in the center of the DNA and making the DNA highly conductive.

The company uses a microarray of 10-micron electrodes to detect the M-DNA and the inherent ultra-sensitivity arises from the differential change in conductivity between hybridized DNA and metalized DNA. This change in conductivity is so large that it may obviate the need for target amplification used in current molecular-based tests.