BioMarker Strategies announced today that it has raised $1.7 million in a private placement funding round that occurred in conjunction with the Maryland Biotechnology Investment Incentive Tax Credit Program. BioMarker Strategies is developing the patent-pending, SnapPath™ testing system to enable oncologists to determine the most effective drug treatment for their cancer patients. During this funding round, the largest investment came from the Abell Foundation (www.abell.org), a charitable organization dedicated to the enhancement of the quality of life in Baltimore, Maryland, including the promotion of job growth in the region.
“We are honored to have the Abell Foundation as our first institutional investor. We also welcome their support of our effort to develop a live tumor cell testing system designed to help oncologists choose the right drug therapy for their cancer patients,” said Kären Olson, CEO of BioMarker Strategies. “Even in this challenging economic environment, we found that investors are eager to support innovative biotech companies.”
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