August 9, 2017
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
This article is courtesy of Maine Startups Insider, created by Whit Richardson, a journalist who’s covered Maine’s business community for the past decade. Visit Maine Startups Insider to read more about Maine’s startup community and subscribe to the weekly newsletter.
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