This Startup Aims to Swap Blood Draws for Saliva Samples

August 9, 2017

7:15 am

Portland, Maine-based biotech company Abogen, founded in 2012, has developed a method and accompanying technology to extract blood cells from saliva, allowing for the potential replacement of up to 80 percent of the five billion invasive, needle-necessary blood samples drawn annually. The company is selling its product, but so far only for use in research and lab settings.

 

 

According to a filing made with the U.S. Securities and Exchange Commission on July 31, the company is looking to raise $4 million in equity financing,

The privately held company has raised $1.6 million in seed financing, according to a fact sheet provided on its website. That figure includes roughly $360,000 received in the form of several grants and one Development Loan from the Maine Technology Institute. I reported last October that Abogen had raised a $855,000 investment round, including $115,000 from the Maine Angels. In total, members of the Maine Angels have invested $630,000 (including last year’s $115,000) in the company since 2013, according to Sandra Stone, former chair of the angel investor group.

Abogen’s SEC document reveals that it has already raised $25,000 of the $4 million goal, and that $1.2 million of the total eventually raised will go toward salaries for four executives over a two-year period.

I’ve reached out to CEO Stephen Andrews for comment and will update the story if/when he gets back to me.

Read more about emerging startups in Maine at TechCo

Did you like this article?

Get more delivered to your inbox just like it!

Sorry about that. Try these articles instead!

Whit Richardson is a former daily newspaper journalist in Portland, Maine, who has covered business and entrepreneurship for the past decade. He's founder of Maine Startups Insider and currently editor-in-chief of 4Front Publishing, an online news startup covering the nascent legal cannabis industry.

Leave a Reply

  • (will not be published)
Startup_Mixology_300x250