Conor – Designing Global Winners

 
 

Conor Led Consortium to Provide USD 2.75M in Seed Funding for PlexPress

Funds Used to Deliver PlexPress TRAC Technology to Worldwide Gene Expression Analysis Markets

Helsinki, Finland – May 12, 2009 – PlexPress announced today the closure of USD 2.75M seed funding from venture capital investors for introducing the game changing gene expression analysis solution to advance biological science, drug discovery, plant sciences and diagnostics. The investors include Conor Venture Partners, Veraventure, Helsinki University Fund and VTT. Mr. Matti Copeland, Chairman of the Board of PlexPress states, “This investment provides funds for PlexPress to commercialize TRAC technology to help enable the next frontier of gene function analysis, namely, a better understanding of the mechanisms of biological systems.”

TRAC – Transcription analysis with Affinity Capture – was originally invented at VTT by Professor Hans Söderlund, one of the founders of the spinout company. TRAC is a novel, well vetted method to measure expression of up to 150 genes in up to thousands of samples, an underserved portion of a market growing to USD 1B in four years. The high information content provided by TRAC helps researchers make evidenced-based decisions. PlexPress’ patented technology dramatically simplifies researchers’ work practices while enabling superior precision, greater flexibility, and lower cost. Furthermore, the diagnostic opportunities will substantially contribute to PlexPress’ long term growth.

“TRAC has proven to be very compelling in biological pathway analysis, disease characterization, cell signaling, and other key application areas.” States Mr. Robert Dunkle, CEO of PlexPress Inc, “Pre-launch customers have identified new targets and biomarkers for drugs through analysis of the high information content provided by TRAC. Early customer feedback confirms that TRAC’s flexible configuration allows for multiple dimensional experimental designs not practical using other methods and not contemplated prior to TRAC.”

“We are delighted to join PlexPress as an investment partner and have very high expectations of the business and its vision. The company position and strategy make major breakthrough very possible.” Comments Mr. Jari Mieskonen, Managing Partner with Conor the lead investor of the seed round. “As a venture investor Conor is particularly impressed by the know-how, creativity, experience, ambition level, and leadership of the management team in PlexPress in both European as well North American markets.”

Conor Venture Partners is a leading early-stage technology VC investing in Finland, Sweden and the Baltics. Conor invests in disruptive technologies in ICT, embedded systems, electronics, new materials and optics. http://www.conor.vc.

Veraventure Ltd is a large high-tech seed fund focusing on research, development and innovation intensive companies. Target companies need to feature a realistic opportunity to achieve a substantial international market position and exit prospects through a strong technology and execution strategy. http://www.veraventure.fi.

The Helsinki University Fund provides venture investments for university derived projects and companies with meaningful collaborative relationships with the university.

VTT´s (The Technical Research Centre of Finland) objective is to develop new technologies, create new innovations and add value, thus increasing customers’ competencies. With its knowhow, VTT produces research, development, testing and information services to public sector, companies, and international organizations. See http://www.vtt.fi.

PlexPress is a life science company specializing in gene expression analysis technology to advance biological science, drug discovery, crop science and diagnostics. PlexPress seeks to rapidly provide reliable information at low cost. Its products simultaneously measure multiple genes from multiple samples. PlexPress operates from Los Altos, California and Helsinki, Finland. See http://www.plexpressbio.com.