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MHT's Julie Donnelly: Life science startups finding investments
Sage Science Inc., a developer of laboratory and research-related technologies, has raised a $2 million round of venture capital backed by 16 investors.
Founded in 2005, the Beverly-based company plans to use the new money for general operating purposes as well as to launch a new DNA-preparation technology aimed at shortening the time and labor needed to extract biological samples used by researchers. CEO Gary Magnant said the round is expected to bring Sage Science to profitability some time this year.
Magnant said the firm’s existing investors — mostly angel backers who had already deployed $7 million — participated in the new venture round, as did new lead investor Table Mountain Ventures of South Africa. He said the connection to Table Mountain stems from one of the investment firm’s partners, a former MIT graduate.
Magnant said the company currently employs eight people and seeks to add another 10 throughout the remainder of the year.
Sage Science’s latest product, the pippinprep, is an automated instrument that extracts and processes DNA and related genetic materials from so-called agarose gels used in medical research labs. Magnant said the machine can reduce what has traditionally been a day-long process down to less than an hour.
He said there has been particularly strong demand for the product among molecular biologists at local academic, hospital and drug discovery laboratories.
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