SensiGen LLC, a biotechnology company developing proprietary gene-based molecular diagnostics, said Thursday that the Michigan Economic Development Corp. has approved an additional investment in SensiGen to be used for expanding SensiGen’s operations in Ann Arbor.
The investment, in the form of a term loan at 1 percent interest, will be used for hiring workers displaced by the closure of Pfizer’s Michigan based research facilities as part of SensiGen’s planned expansion of operations in the state.
The amount of the loan wasn't immediately disclosed.
“We are extremely fortunate to be located in an area with ready access to highly skilled people to support the growth and expansion of our research portfolio,” said Shawn M. Marcell, SensiGen president and CEO. “We are very grateful for the support we have received from MEDC and other area institutions to enable us to tap into this tremendous talent pool to fuel our growth ambitions. This is another example of the outstanding support and resources available to start-up companies in the Ann Arbor area.”
SensiGen’s breakthrough molecular diagnostic technology was developed by David Kurnit in his laboratory at the University of Michigan. The Company’s products are based on the coupling of polymerase chain reaction with mass spectrometry to achieve unprecedented levels of sensitivity and specificity in pinpointing biomarkers that signal the onset of major disease or the pathogens that cause them.
Upon its founding in 2004, the Company received an initial investment of $2.6 million from the MEDC, and has raised an additional $1.4 million in investments from a diverse list of public and private investors from across the nation.
Current SensiGen products in development include tests for early detection of human papillomavirus, the primary cause of cervical cancer, chronic kidney disease, lupus, and others. SensiGen’s proprietary molecular diagnostic assays offer dramatic improvements over current methods.
More at www.sensigen.com.
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