Swift Biosciences nets $7 mln in Series B financing

Swift Biosciences has closed $7 million in Series B financing. Fletcher Spaght Ventures led the round with participation from Renaissance Venture Capital Fund, the Mercury Fund, Michigan Accelerator Fund and several Michigan-based individual investors. In conjunction with the funding, the company has named Peter Kleinhenz, a partner at Fletcher Spaght Ventures, to its board of directors. Based in Ann Arbor, Michigan, Swift Biosciences develops technologies for genomics and personalized medicine.

PRESS RELEASE

Ann Arbor, MI – October 17, 2013 – Swift Biosciences, Inc., a Michigan-based life sciences company, today announced the recent completion of a $7 million Series B financing led by Fletcher Spaght Ventures. Also joining in the B round of investment was Renaissance Venture Capital Fund and the Series A investors, including the Mercury Fund, Michigan Accelerator Fund and several Michigan-based individual investors.
Swift Biosciences is a fast‐moving company focused on developing innovative, enabling technologies for genomics and personalized medicine. In February 2013, Swift entered the rapidly growing Next Generation Sequencing (NGS) space with its Accel-NGS™ line of sample preparation products. Swift’s myT® Primer technology provides both high sensitivity and specificity in mutation detection, making it ideal for cancer research and diagnostic applications. myT Primer technology has been non-exclusively licensed to a global diagnostic company.
“This funding will support the expansion of our sales and marketing programs as well as accelerate new product introductions. Our portfolio of creative, market-driven technologies continues to grow.” said David Olson, PhD, Chief Executive Officer of Swift Biosciences.
Peter Kleinhenz, a Venture Partner with Fletcher Spaght Ventures, will be joining Swift’s Board of Directors. He commented that “We are excited about participating in the fastest growing life science market and partnering with such a talented team through our investment in Swift. Their initial products and innovation pipeline offer compelling competitive advantages for next gen sequencing preparation, which is one of the bottlenecks in this field.”
Dr. Olson added “We are pleased to have new investors join our team and we also appreciate the continued support and enthusiasm of our existing investors.”
For more information about Swift Biosciences visit www.swiftbiosci.com
About Fletcher Spaght Ventures
Fletcher Spaght, Inc. was founded in 1983. The firm provides strategy and financing assistance to new ventures, risk capital investors and large enterprises with emerging technologies or other growth opportunities. We develop market research, competitive analysis and financial analysis to advise clients on the commercial potential of new ventures and the options for growing, funding or acquiring new businesses. Fletcher Spaght Ventures invests in high potential companies identified by our practice groups in High Technology, Healthcare and Corporate Growth. For more information, visit www.fletcherspaght.com.
About Renaissance Venture Capital
The Renaissance Venture Capital Fund is a fund of funds that supports the growth of venture capital in Michigan while serving as a bridge between Michigan’s emerging innovation company community and its strong industrial and commercial base. Formed out of the groundbreaking “Road to Renaissance” initiative of Business Leaders for Michigan, the Renaissance Venture Capital Fund received its initial support and investment from some of Michigan’s most important organizations. Through its investment in top tier venture firms that are active in Michigan, as well as its own co-investments in emerging Michigan companies, the Renaissance Venture Capital Fund is helping to drive forward both innovation and growth of emerging companies in the region. http://www.renvcf.com

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