Monday, November 10, 2008

Oxford Biosciences helps in Molecular Biometrics’ $12M financing

By Mass High Tech Staff

Boston-based Oxford Bioscience Partners has joined Safeguard Scientifics Inc. in co-leading a $12 million first-round funding of Molecular Biometrics Inc., Safeguard officials reported. The financing will help Molecular Biometrics in further researching and developing its embryo development for in vitro fertilization and in bringing its diagnostic technology to Australia, Japan and Europe.

Called ViaMetrics-E, the technology is designed to test the viability of using IVF for artificial insemination.

As part of the investment deal, Molecular Biometrics will add to its board of directors Oxford’s general partner, Michael Lytton; Safeguard’s James A. Datin, executive vice president and managing director of the Life Sciences Group; and Gary J. Kurtzman, a managing director in Safeguard’s Life Sciences Group.

Founded in 1992, Oxford Bioscience Partners invests in life sciences and health-care firms, particularly early-stage companies.

Chester, N.J.-based Molecular Biometrics has research and development facilities in New Haven, Conn., and Montreal, but it intends to move its New Jersey office to Boston in early 2009.