ECI Biotech of Worcester, MA secures $2.5 Million in Private Equity Funding

From: ECI
Published: Sun Aug 21 2005


ECI Biotech recently secured $2.5 million in private equity funding, closing its Series C financing round. Since ECI President Dr. Mitchell Sanders founded the company in 1998, ECI Biotech has raised $5 million in private equity funding, signed collaborative partnerships ($6.5M) with Fortune 500 companies and secured Small Business Innovative Research Funding (SBIR $198,000). In addition ECI Biotech has 17 patents pending and one patent issued.

This latest round of funding solidifies ECI Biotechís position at the forefront in the research and development of new protein technologies, strengthening ECIís initiative to build simple and inexpensive diagnostics. Notes Dr. Sanders, "We have been able to attract private equity financing with very little effort due to our strong IP portfolio. This investment provides us with the capital to allow ECI to develop significant royalty revenues from partnerships with Fortune 100 clients."

ECIís Trademarked "Express Detect" Sensors
ECI Biotechís novel core technologies enable the rapid detection of proteins specific to microbial pathogens. ECIís trademarked "ExpressDetect" chemistry is extremely sensitive, requiring only trace amounts of substrate per sensor, which lends itself to high volume manufacturing processes (e.g. ink jet printing).

"ECI sensors are simple enough for a four year old to diagnose an infection, safe enough to go right on the skin, and inexpensive enough to be incorporated into everything from dental floss to diapers," explains Dr. Sanders. The company plans to expand its operations in 2005 in order to supply the trademarked "ExpressDetect" chemistry to partners in professional and consumer care.

ECI has incorporated its sensors into several different materials including cotton and non-woven fibers, nylon, polyurethane, and polyethylene. "ExpressDetect" sensors are low cost, simple, fast, and can be incorporated into products such as dressings, swabs, catheters, feminine pads, wipes or specimen containers. "Significant unmet needs for this technology exist in advanced wound care, IV therapy, urology, oral care, skin care, and womenís care," Dr. Sanders added.

ECI Biotech recently received a prestigious 2005 New England Innovation Award presented by the Smaller Business Association of New England and a 2004 TechCitizenship award from Mass High Tech.

Innovations and Applications
ECI Biotech maintains executive offices and research facilities located at 6 Park Avenue, in Worcester, Massachusetts. The company, founded in 1998, engages in breakthrough research on protein design and expression. ECI is developing and licensing its protein technologies for use in a wide range of industries with unmet needs, including nosocomial infections, medical diagnostics, industrial chemistry and consumer goods. ECI Biotech's product pipeline currently includes a diagnostic sensor for urinary tract infections, as well as advanced wound care systems designed to provide early warning of emergent infections and to promote healing. ECI presently also has 2 corporate partnerships with Fortune 100 companies in the medical device industry.

For more information, visit www.ecibiotech.com or contact Dr. Mitchell Sanders at (508) 752-2209.
Company: ECI
Contact Name: Steve Dubin
Contact Email: SDubin@PRWorkZone.com
Contact Phone: 7815821061

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