PHILADELPHIA, June 7, 2004 (PRIMEZONE) -- Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) today announced its $250,000 investment of convertible debt in MacroArray Technologies, LLC, an early stage biotechnology company that develops diagnostics and therapeutics targeting cancer. BFTP/SEP's investment helped form a $1.5 million seed round with a consortium of investors including LORE, a local angel investment network, as well as a commitment from BioAdvance, the biotechnology greenhouse of southeastern Pennsylvania. Additionally, BFTP/SEP played an active role with the other investors in helping structure licensing arrangements and manage business logistics related to MacroArray and its university partner, Drexel University.
"Ben Franklin was instrumental in recognizing our scientific achievements and market opportunity," stated Mike Wassil, chairman and CEO, MacroArray Technologies.
"MacroArray Technologies is a prime example of how BFTP/SEP actively supports technology transfer partnerships with life science enterprises and local universities," stated Jimmy Lee, director of Investments and Entrepreneurial Services in Biotechnology and Life Sciences.
As part of its technology transfer agreement with Drexel University, MacroArray developed "PCADM-1," a novel, non-invasive, urine-based diagnostic test for prostate cancer. Also, under the leadership of Drexel University's Mark Stearns, Ph.D., Youji Hu, Ph.D. and Min Wang, Ph.D., the company has a prostate cancer therapeutic program in preclinical development and has recently identified a novel serum marker for colon cancer.
Since 1982, Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has helped grow the region through science, technology and entrepreneurship. BFTP/SEP provides entrepreneurs and established businesses the capital, talent, and expertise they need to compete in the global marketplace. Like its namesake, Ben Franklin invests in, builds upon and delivers solutions that grow communities and create wealth by supporting today's technological ideas and tomorrow's scientific discovery.
For more information: www.sep.benfranklin.org
Contact: BFTP/SEP Kim Everett, Director, Public Relations 215-972-6700 x3989 kim@sep.benfranklin.org
for MacroArray Technologies, LLC
Contact: Michael J. Wassil, CEO Mark Stearns, Ph.D., President 215-762-1597