Brendan Technologies, a Carlsbad, CA, company that makes software for immunoassay and bioassay testing technologies, has secured $600,000 in bridge financing.
The firm, which works with such big-name clients as Amgen, Merck and Eli Lilly, will use the money to complete an upgraded version of StatLIA, an immunoassay workflow and analysis software. With the upgrade, StatLIA will facilitate enterprise-wide lab infrastructures, enhance accuracy and speed in immunoassay and bioassay testing, provide powerful data analysis graphics, and increase the overall quality, efficiency and regulatory compliance required in laboratory testing. The company expects the upgrade to be available this fall.
Immunoassays — highly sensitive chemical tests used to quantify minute substances in blood, body fluid and other biological samples, using an immunological reaction — make up a fast-growing market. According to Brendan Technologies, global spending on immunoassay testing today is $50 billion, approximately $1 billion of which is spent on immunoassay software.
Brendan’s bridge financing was led by Little Bear Investments and facilitated by Midtown Partners & Co., both based in New York, NY.