Overview

Micronics, Inc., a leading developer of molecular and immuno-hematology diagnostic products, announced that it has completed a Series C financing lead by the Southwest Michigan First (SWMF) Life Science Fund.

The Series C financing complements the Company’s Series B financing that was completed earlier this year.

Significance

“Micronics is poised to advance a new class of clinical diagnostic tests, and the Series C provides additional leverage to advance product development, including clinical testing required for initial product launch,” said Karen Hedine, Micronics’ president and chief executive officer.

“Earlier investments in the Company made it possible for Micronics to build a formidable technology platform, particularly with respect to rapid DNA and RNA testing in a disposable device. We are now able to apply that established technology platform to a number of products in development that will be responsive to global healthcare needs for improved infectious disease detection and diagnosis,” Hedine said.

Crosstree’s Role

Crosstree Capital Partners acted as exclusive financial advisor to Micronics in the transaction.

Crosstree conducted a broad financing process targeting both financial and strategic investors.

Navigating a challenging financing market in 2008 and a congested field of point-of-care nucleic acid platforms, Crosstree assisted Micronics in assessing interest from numerous strategic and financial parties.