Orasi Medical Inc announced today that it has completed a $3.5 million Series B financing round.
The company will use this capital to expand the development and use of its diagnostic test into the pharmaceutical and clinical markets. Pharmaceutical companies will use this test to determine the efficacy of compounds intended to treat various neurological diseases.
Orasi is currently in discussions with several pharmaceutical companies to finalize the structure of these clinical trials and the inclusion of the Orasi test.
"In light of the difficult financial markets today we are very pleased with investor response to the Orasi offering. Pharmaceutical companies face a very difficult task in measuring the effect of neurological drugs; the Orasi products provide a novel approach to measuring treatment effect earlier and more accurately than current practice. This round of capital allows the company the opportunity to substantially advance this technology," stated Shawn Lyndon, Orasi’s President and CEO.
Orasi Medical is a technology spin out from the University of Minnesota co-founded by Shawn Lyndon and Mark Wagner.
Source: Orasi Medical