02/17/2010
NABsys Secures $7 Million Series B Funding Led by Stata Venture Partners

Life Sciences Company Adds Proven Semiconductor Expertise to Board of Directors with Appointment of Analog Devices Founder and Chairman

PROVIDENCE, R.I., Feb. 17, 2010 – NABsys Inc., the pioneer in electronic, solid-state DNA sequencing, today announced that it has received a $7 million investment as part of a Series B equity round led by Stata Venture Partners. The funding will be used to accelerate the development and commercialization of the company’s proprietary DNA sequencing platform, which leverages semiconductor technology to achieve the scope and scale required for full integration of genomics into medicine.

In addition, Ray Stata, founder of Stata Venture Partners, and founder and chairman of Analog Devices Inc. (NYSE: ADI), has joined the NABsys board of directors. Over the past 45 years, Mr. Stata has turned ADI into a global leader in high-performance semiconductors for signal-processing applications and a Fortune 500 company. Stata Venture Partners has contributed to the success of many technology startups.

“The NABsys DNA sequencing technology utilizes established semiconductor fabrication techniques, allowing for the rapid development of sequencing platforms at a scale and speed never before possible,” said Barrett Bready, M.D., president and CEO of NABsys Inc. “Ray Stata is one of the true pioneers of the semiconductor industry and his expertise, influence and leadership will be invaluable as we continue to move forward with our commercialization strategy.”

“NABsys represents the merger of two industries which, until now, have been quite disparate: semiconductors and genomics,” said Mr. Stata. “I’m looking forward to working with the company’s leadership team and helping them commercialize what we believe will be a significant breakthrough in making DNA sequencing clinically relevant and widely available.”

In 2009, NABsys closed a $4 million equity round and expanded its board of directors with the appointments of proven life sciences industry veterans, including Stan Rose, Ph.D., president of Rose Ventures Inc., and Gina Raimondo, Ph.D., general partner at Point Judith Capital. Point Judith Capital led the Series A round and participated in the Series B round of funding. For more information on the NABsys leadership team, please visit the Team page.

About NABsys

NABsys is a life sciences company working at the intersection of physics, biology, and computer science to develop its proprietary electronic, solid-state DNA sequencing platform. NABsys was the first company to receive a “$1000 Genome” award from the National Human Genome Research Institute of the National Institutes of Health for an electronic approach to sequencing. For more information about NABsys, please visit the NABsys website.

NOTE: NABsys and the NABsys logo are registered trademarks owned or used by NABsys Inc.

 

09/21/2009
NABsys Expands Leadership Team with Appointment of Stan Rose to Board of Directors

PROVIDENCE, R.I., Sept. 21, 2009 – NABsys Inc. announced today that industry veteran and serial entrepreneur, Stan Rose, Ph.D., has been appointed to the company’s board of directors. Dr. Rose is the most recent addition to the leadership team at NABsys, which recently raised $4 million in venture capital to further develop its proprietary electronic, solid-state DNA sequencing platform.

“Stan is an accomplished scientist and a proven industry leader who brings a successful track record of founding and growing genomics businesses,” said Barrett Bready, M.D., president and CEO of NABsys Inc. “His insights and experiences will help shape our commercialization strategy and guide us in our quest to deliver sequencing technology capable of the throughput and accuracy required to elucidate the genetic basis of complex disease and, ultimately, guide clinical care.”

“NABsys is developing a new approach to whole-genome DNA sequencing,” said Dr. Rose. “The inherent power of electronic detection, combined with solid-state fabrication, provides a viable approach to address the capacity, throughput and performance issues that are currently barriers to widespread adoption.”

Dr. Rose is president of Rose Ventures Inc., a firm that provides consulting and direction in the life science research products space, and manages a portfolio of public and private equity investments. Dr. Rose served as CEO of NimbleGen Systems, a microarray company that was acquired by Roche in 2007. He also co-founded and helped grow Genetic Microsystems, a microarray instruments company that was acquired by Affymetrix in 2000. Prior to that, Dr. Rose led the polymerase chain reaction (PCR) business for Perkin-Elmer and Applied Biosystems during its most dynamic growth phase in the 1990s. Dr. Rose holds a B.A. from Cornell University and Ph.D. from the Massachusetts Institute of Technology.

NABsys Vice President of Research and Development, John Oliver, Ph.D., will be presenting the company’s electronic, solid-state sequencing platform during Cambridge Healthtech Institute's Third Annual Exploring Next Generation Sequencing Conference on September 22, 2009.

About NABsys

NABsys is a life sciences company working at the intersection of physics, biology, and computer science to develop its proprietary electronic, solid-state DNA sequencing platform. NABsys is one of five companies to receive a “$1000 Genome” award from the National Human Genome Research Institute of the National Institutes of Health.

 

05/04/2009
NABsys, Inc., Announces $4M Equity Round

Providence, RI – May 5, 2009 – NABsys, Inc., the pioneer in electronic, solid-state DNA sequencing, announced today that it has closed a $4 million equity round led by Point Judith Capital. Slater Technology Fund and other previous investors also participated in the round. The proceeds will be used to further develop NABsys’ proprietary DNA sequencing platform.

“The NABsys approach combines the advantages of electronic detection, solid-state fabrication, and the ability to directly obtain long-range sequence information,” said Point Judith Capital General Partner Gina Raimondo. “We believe this will be a game-changing technology in the field of genomics.” Dr. Raimondo will be joining the NABsys Board of Directors.

Historically, DNA sequencing technologies have used optical detection, have depended on enzymes known as polymerases, and have not been compatible with solid-state fabrication technology. As a result, whole-genome DNA sequencing has remained far too expensive, slow, and inaccurate to be used in clinical care. NABsys’ electronic, solid-state approach overcomes these limitations.

“The technological advantages that the NABsys platform enjoys, namely electronic detection, the use of all solid-state materials, lack of dependence on a polymerase, inherent error checking, and long-range sequence information, will allow the technology to offer clinically relevant cost, speed, and accuracy parameters for whole-genome sequencing,” said NABsys President and CEO Barrett Bready, M.D.

Based on technology developed at and licensed from Brown University, the NABsys DNA sequencing platform combines physical and biochemical methods. It detects electronically the positions of hybridized DNA probes and then uses highly developed algorithms to accurately reconstruct the DNA sequence.

About NABsys

NABsys is a life sciences company working at the intersection of physics, biology, and computer science to develop its proprietary electronic, solid-state DNA sequencing platform. NABsys is one of five companies to receive a “$1000 Genome” award from the National Human Genome Research Institute of the National Institutes of Health.

About Point Judith Capital

Point Judith Capital is a leading early-stage venture capital firm partnering with outstanding entrepreneurs building world class healthcare, internet, and technology companies. Point Judith Capital has a strategic partnership with Tudor Investment Corporation, a premier, global alternative asset management firm.

 

01/25/2008
NABsys is the Lead Institution on One of Nine 2008 Collaborative Research Awards

Vice President of Research and Development, Dr. John S. Oliver is Principal Investigator

Providence, RI (January 25, 2008) - NABsys, Inc. announced today that its Vice President of Research and Development, Dr. John S. Oliver is the Principal Investigator on an approximately $150,000 award from the Rhode Island Science and Technology Advisory Council to further the development of NABsys’ Hybridization Assisted Nanopore Sequencing Platform. The work will be conducted in conjunction with Dr. Bernard Munge’s lab at Salve Regina University.

“Coming on the heels of our awards from the NIH, this award is further validation of the scientific and business merits of the NABsys approach,” said Dr. Oliver about the award. “We are proud to lead one of the nine teams to get an award out of the approximately 50 that applied.”

About NABsys

NABsys is a nanobiotechnology company developing a next-generation DNA sequencing platform that the company believes will allow an entire human genome to be sequenced for less than $1,000, ultimately enabling personalized medicine. The company’s platform, Hybridization-Assisted Nanopore Sequencing (HANS) uses nanotechnology-based detectors known as nanopores and is being developed in collaboration with researchers at Brown University. The company was founded in 2004 and is located in Providence, RI. To learn more about NABsys, please visit www.nabsys.com.

 

08/02/2007
NABsys-Affiliated Scientists Receive Two of the Eight ‘Revolutionary Genome Sequencing Technologies - The $1,000 Genome’ Awards from the National Human Genome Research Institute

NABsys is Only For-Profit Entity to Receive an Award

Providence, RI (August 2, 2007) - NABsys, Inc. announced today that two NABsys-affiliated scientists, Dr. John Oliver, Vice President of Research and Development, and Dr. Xinsheng Sean Ling, NABsys founder and principal academic collaborator and Associate Professor of Physics at Brown University, have received two of the eight “Revolutionary Genome Sequencing Technologies - The $1,000 Genome” awards from the National Human Genome Research Institute (NHGRI), an institute of the National Institutes of Health (NIH). NABsys was the only company, rather than academic lab, to receive an award. The funds will support the development of NABsys’ proprietary Hybridization-Assisted Nanopore Sequencing (HANS) platform which the company expects will decrease the cost of whole-genome sequencing to well under $1,000 per person/patient, allowing for the widespread implementation of personalized medicine.

“We are pleased that the NHGRI recognizes the value of the NABsys sequencing platform,” said Dr. Barrett Bready, NABsys President and CEO. “The fact that two of the eight scientists to receive ‘$1,000 genome’ money were part of the NABsys team is a great validation of our proprietary approach. Additionally, the fact that NABsys is the only company to receive an award this year is further validation of the potential of the platform.”

The genetic basis of the most deadly diseases, including heart disease, cancer, and stroke, is not well understood. Understanding the underlying genetics associated with these diseases would lead to a more rational approach to drug design and would allow for personalized, predictive, and preventive medicine. The primary impediment to gaining this understanding and to the implementation of personalized medicine has been the high cost of DNA sequencing.

Dr. Oliver’s grant is a two-year $500,000 award made to NABsys. Dr. Ling’s grant is a three-year $820,000 award made to Brown University. NABsys has an exclusive licensing agreement with Brown.

“The NABsys sequencing platform, Hybridization-Assisted Nanopore Sequencing combines nanopore sequencing and sequencing by hybridization to create a platform that is much more powerful than either alone,” said Dr. John Oliver, Vice President of Research and Development. “These awards will help accelerate the work of our interdisciplinary team as they refine the physics, biochemistry, and computer science associated with HANS.”

About NABsys

NABsys is a nanobiotechnology company developing a next-generation DNA sequencing platform that the company believes will allow an entire human genome to be sequenced for less than $1,000, ultimately enabling personalized medicine. The company’s platform, Hybridization-Assisted Nanopore Sequencing (HANS) uses nanotechnology-based detectors known as nanopores and is being developed in collaboration with researchers at Brown University. The company was founded in 2004 and is located in Providence, RI. To learn more about NABsys, please visit www.nabsys.com.

 

12/22/2006
NABsys Acquires GeneSpectrum

Combined company to develop platform for sequencing human genomic DNA at markedly reduced cost

PROVIDENCE, R.I.--(BUSINESS WIRE)--NABsys, Inc. and GeneSpectrum, Inc. announced today that NABsys has acquired GeneSpectrum in an all-stock transaction. The combined company, NABsys, will pursue its proprietary Hybridization-Assisted Nanopore Sequencing (HANS) platform for sequencing human genomic DNA.

"The data and expertise that GeneSpectrum has accumulated in the areas of probe design and DNA hybridization will be invaluable to the sequencing platform that NABsys is pursuing," said Barrett Bready, M.D., Chief Executive of NABsys. "GeneSpectrum and its advisors are widely-recognized for their expertise in these areas."

According to the National Institutes of Health (NIH), it currently costs on the order of $10 million to sequence a single person's genome. NABsys aims to reduce this cost by over four orders of magnitude to less than $1000 per genome. At this price, DNA sequencing would be transformed from a specialized research tool into a clinical diagnostic, thereby enabling personalized medicine.

"The combination of the NABsys and GeneSpectrum technologies will enable the combined DNA sequencing platform to sequence DNA orders of magnitude less expensively and with better information content than any technology currently available," said Dr. John S. Oliver, co-founder of GeneSpectrum and newly appointed Vice President of Research and Development at NABsys.

"DNA sequencing is one of the fundamental tools enabling the revolution under way in life sciences research," said Richard G. Horan, senior managing director of the Slater Technology Fund. "Companies realizing dramatic improvements in DNA sequencing have achieved significant commercial success. NABsys shows great promise in its pursuit of this goal."

About NABsys

Headquartered in Providence, RI, NABsys is developing a method of sequencing DNA at a lower cost and faster rate than any technology currently available. The company is employing nanotechnology-based detectors called nanopores, being developed in collaboration with Dr. Xinsheng Sean Ling, a Professor of Physics at Brown University.

 

08/09/2005
NABsys and Brown University Establish Strategic Partnership; Brown takes equity stake in nanobiotechnology company

PROVIDENCE, R.I.--(BUSINESS WIRE)--Providence-based NABsys, Inc. announced today that it has entered into a partnership with Brown University to commercialize inventions made in the field of solid-state nanopores for bioanalytical applications. The transaction involves the grant to NABsys of exclusive worldwide rights to certain intellectual property developed at Brown as well as the issuance to Brown of a significant equity interest in the Company.

"I really could not be happier, nor could I choose a better partner with whom to move forward in this most important area," said Barrett Bready, M.D., NABsys CEO and alumnus of Brown University and Brown Medical School. "I am glad that Brown recognizes the potential that nanopore-based technologies hold, and I am excited to be working together with them to make low cost, high speed sequencing a reality."

The technology on which NABsys was founded has been developed by Xinsheng Sean Ling, Associate Professor of Physics at Brown and co-founder of NABsys. Dr. Ling was recently awarded a $1.55 million grant from the National Science Foundation to pursue research in the field of solid-state nanopores. The research is being pursued in Dr. Ling's labs at Brown in collaboration with investigators at Harvard.

"I am particularly gratified to have entered into the partnership with Brown, " said Dr. Sean Ling. "While the University setting affords us an ideal opportunity to pursue the NSF-funded research, I think it is equally important to have a commercial partner taking the lead in attracting the additional resources and talent necessary to make this technology a commercial reality."

"The partnership between NABsys and Brown reflects our commitment to encouraging, increasing and improving academia-industry collaborations and to embracing entrepreneurial commercialization as a valid and rewarding form of knowledge dissemination," noted Charles Kingdon, Associate Vice President, Brown Technology Partnerships. "We will continue to work closely with NABsys and other emerging start-up high technology sister companies from Brown to maximize their chances of success in the global marketplace. We wish Barrett and his team every success in the future."

NABsys Director, Leon Cooper, noted that, "This is the way great science should be commercialized. A brilliant scientist in the person of Sean Ling has assembled a truly world-class team of partners and advisors and NABsys is moving forward in true partnership with the university." Professor Cooper is the Thomas J. Watson, Sr. Professor of Science at Brown University, the Director of the Institute for Brain and Neural Systems at Brown, and the 1972 recipient of the Nobel Prize in Physics.

About NABsys

NABsys is a single-molecule biophysics company dedicated to further developing and commercializing nanopores for bioanalytical applications. NABsys controls the intellectual property for a method of manufacturing addressable nanopore arrays. These arrays have the potential to analyze DNA and other biomolecules using much lower sample sizes, in real time, and at lower cost than traditional bioanalytical methods. This technology has broad applications in clinical diagnostics, drug development, and basic research. For more information on NABsys, please call (401) 454-4706.

 

07/06/2005
NABsys Names Bready New Chief Executive Officer

Biotechnology company appoints Rhode Island native to leadership role

NABsys, a Providence-based, nanobiotechnology company, announced today that it has named Barrett Bready, M.D. as its chief executive officer.

"We are very fortunate to have attracted to NABsys an individual as capable and knowledgeable as is Barrett," said Leon N. Cooper, Ph.D., a co-founder and member of the Board of Directors of NABsys. "His leadership at this early stage in our development as a company will be of critical importance going forward." Dr. Cooper is the Thomas J. Watson, Sr. Professor of Science at Brown University and is the Director of the Institute for Brain and Neural Systems at Brown. Dr. Cooper is a Nobel Laureate, having been awarded the Nobel Prize in Physics in 1972 jointly with Bardeen and Schrieffer for their work on superconductivity. Dr. Cooper added, "I find it particularly gratifying that an individual who received his undergraduate degree in physics at Brown and stayed on to receive his M.D. from the Medical School has elected to pursue a career in science and entrepreneurship here in Rhode Island."

Founded in 2004 by Xinsheng Sean Ling, Associate Professor of Physics at Brown University, NABsys has received financial backing from the Slater Technology Fund in amount of $225,000. Research on the Company's technology has been pursued both at Brown University and at the Company's labs at 4 Richmond Square in Providence, RI, where Slater operates an incubator facility. In connection with Dr. Bready's appointment as CEO of NABsys, he was also appointed a Venture Partner of the Slater Technology Fund.

Bready, a Rhode Island native, received both his undergraduate and medical degrees from Brown University. While at Brown, Bready had been active in strengthening the university's reputation in the area of life sciences and mobilizing its student population around issues impacting this sector. He founded three biotechnology initiatives, including the country's first elective in Biotechnology. In addition, he founded the Brown Biotech Expo, and the Brown Biotechnology Interest Group. Bready has also served in various roles at leading biotechnology companies such as Boston Scientific, CombinatoRx, and Biogen Idec.

Founded in 2004 by Brown Physics professor Sean Ling, NABsys has recently completed the placement of a $225,000 convertible note with the Slater Technology Fund. These funds will be used to assist NABsys in its research and development efforts.

"Biology is said to be the youngest science, and single molecule biology is younger still," said Richard G. Horan, Managing Director of the Slater Technology Fund. "Against this backdrop, I consider Barrett Bready's appointment as CEO of NABsys a perfect fit. His youth and enthusiasm will no doubt be terrific assets in the leadership role he's assumed. More to the point, however, are the caliber and commitment Barrett brings to bear. In this respect, I think his involvement will greatly accelerate the pace at which the exciting science being developed by the company is transformed into commercial reality."

About NABsys

NABsys is a single-molecule biophysics company dedicated to further developing and commercializing nanopores for bioanalytical applications. NABsys controls the intellectual property for a method of manufacturing addressable nanopore arrays. These arrays have the potential to analyze DNA and other biomolecules using much lower sample sizes, in real time, and at lower cost than traditional bioanalytical methods. This technology has broad applications in clinical diagnostics, drug development, and basic research. For more information on NABsys, please call (401) 454-4706.