Thursday, July 17, 2008

Allied Minds creates Precision Biopsy spinout

By Mass High Tech Staff

Local private equity firm Allied Minds Inc. reports it has formed a company called Precision Biopsy LLC with help from the University of Colorado.

The company, which lists its contact location in Quincy, is developing an optical biopsy needle intended to diagnose prostate cancer.

The technology was developed at the University of Colorado’s Denver and Boulder campuses by Priya Werahera and John Daily, and will incorporate two spectroscopy techniques into the tip of a standard biopsy needle, according to Allied Minds. The device is intended to detect the difference between healthy and malignant tissue in real time, which will determine the need for a biopsy. The optical needle can create an image of the tumor, the investment firm said.

Allied Minds is an early-stage investor that relies on university research-derived intellectual property.

Earlier this month, the firm announced its investment in the newly formed Harvard University and Northeastern University spinout, CryoXtract Instruments LLC. The newly formed company uses its technology to extract small quanitities of frozen biological samples without subjecting them to freeze-thaw cycles.

In late 2007, the firm invested $500,000 in Harvard spinout SiEnergy Systems LLC, which is developing a fuel cell to generate power at lower temperatures.