A company built from an all-star team of researchers, medical industry luminaries and a former gubernatorial candidate has landed a major cash infusion.
Beaverton-based DiabetOmics Inc. has raised $3.5 million to help it develop diabetes testing products. The company revealed the fundraising in a regulatory filing with the Securities and Exchange Commission.
The money comes through equity that DiabetOmics sold in the company. The SEC filing listed no specific investors.
DiabetOmics offers comprehensive blood analyses from a simple finger prick. The tests gauge several diabetes metrics that can help caregivers quickly develop treatment regimens.
DiabetOmics still has a little ways to go on its fundraising round. The company has another $1.5 million of company equity to sell.
Dr. Sri Nagalla, the company’s president and CEO, declined to comment on DiabetOmics’ financing strategies or other company matters until the full round is completed.
However, the company already counts a stacked roster of directors and founders.
The SEC filing lists former Trail Blazer and 2010 Oregon Republican gubernatorial candidate Chris Dudley, ODS Cos. CEO Robert Gootee and ID Experts CEO Bob Gregg as directors.
Dudley’s foundation holds various fundraisers for diabetes research and hosts a camp for younger persons with the condition. Dudley has Type 1 diabetes.
The research and operational team includes ProteoGenix Inc. founder Nagalla, investment adviser David Gunderson, endocrinology expert Dr. Paturi Rao and former Oregon Health & Science University and National Institutes of Health researcher Charles Roberts.
Gregg, who also co-founded FEI Co., is involved with the company because he’s known Gunderson for 30 years. He’s also worked with Dudley’s foundation.
“Epidemic is too soft a word for diabetes at kids’ levels. It’s sad to see,” Gregg said. “I’m all for anything we can do to help this situation.”
Gregg said DiabetOmics plans to introduce its testing systems to Indian tribes, where the condition runs rampant.
“We can test an entire population in a week and get full results back,” he said.
DiabetOmics didn’t reveal its revenue in the SEC filing. ProteoGenix, a Costa Mesa, Calif.-based company which specializes in maternal-fetal health diagnostics, raised $20 million in venture capital in 2008.
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