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News & Events
Press Release Article
DNA Genotek Inc. Angel Financing Tops $1.4 Million
August 2, 2004, Ottawa: DNA Genotek Inc., the Ottawa based company that has developed an all-in-one vial for self-collection of DNA from saliva, today announced the completion of an angel financing round totaling over $1.4 million.
The round was actually oversubscribed by angel investors primarily in Ottawa and Kingston because they recognized the company’s experienced management team and the market potential for the company’s DNA collection product, known as Oragene•DNA™.
Since April of this year, the company has shipped Oragene•DNA to researchers on each of the six populated continents, representing a total of 23 countries. The company has over 200 labs around the world using or testing its product in health research projects designed to find the genetic factors underlying diseases such as cancer, diabetes, and heart disease.
The financing enables DNA Genotek to scale its sales and production capabilities to meet customer demand.
"From South Africa to Sweden, and Singapore to California, customer feedback on our Oragene•DNA product has been extremely positive,” said Ian Curry, president and CEO, DNA Genotek. “In a challenging financial environment, raising this amount from angel investors demonstrates the strength of our company’s business model and team, and our prospects for sustainable, rapid growth."
As health research and day-to-day medical practice evolve to use DNA as the cornerstone of individualized diagnosis and treatment, there is a fundamental requirement for an easy-to-use DNA self-collection method such as Oragene•DNA.
"DNA Genotek represents an excellent investment opportunity, especially in biotechnology which is a very promising area for growth,” said Caroline Somers of the Band Of Scoundrels, one of the leading angel investment groups in Ottawa. “The company is already selling a product that meets a clear market need. We are impressed with their management team and their ability to cost-effectively generate strong interest from customers and potential customers across the globe."
About DNA Genotek
DNA Genotek makes it easy, reliable, and cost-effective to collect, preserve, transport and purify DNA. The company's Oragene•DNA™ product replaces the discomfort and unreliability of other DNA collection methods with a cost-effective all-in-one vial for self-collection of DNA from saliva. This patent-pending product is actively being sold and is in use at over 200 research labs around the world. The privately held company is based in Ottawa, Ontario.
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