Pasadena, CA – April 23, 2012 –There couldn’t be a better example of putting the unique founding principles of The Pasadena Angels into practice than the story of their investment in Wasatch Microfluidics. The Pasadena Angels have just finished a $475,000 Series B investment in Wasatch Microfluidics, a company that sells protein analysis equipment for drug discovery research. Wasatch will use the series’ funding for a turnkey solution to combine its patented protein printing technology with an SPR biosensor, as well as help its platform technology move closer to a multiple product line.
Wasatch uses a patented Continuous Flow Microspotter (CFM) to deposit biomolecules on biosensor surfaces. This printer technology pushes past the old Human Genome Project printing technologies of its competitors because of its groundbreaking 3D design that uses flow to cycle molecules back and forth over a surface. The Pasadena Angels are excited to support Wasatch’s unique product expand into the pharmaceutical and academic research communities, a niche $700 million market that includes a potential 14,000 labs.
“It was a pleasure working with Josh Eckman, President and Co-Founder of Wasatch Microfluidics. This patented technology will be disruptive to the protein analysis field in both the academic field as well as the pharmaceutical industry. Mr. Eckman came to the Pasadena Angels well prepared about their technology, competition, customer, market and the value proposition. We are very proud at the Pasadena Angels to fund this special company in a record time; in less than four weeks.” says Dr. Kevin Scanlon, the Chairman of the Pasadena Angel and leader of this investment round.
“It has been an absolute pleasure to work with the Pasadena Angels. As a syndicated deal, we have met with many different angel groups throughout the funding process,” comments Josh Eckman, President and Co-Founder of Wasatch Microfluidics. “The Pasadena Angels stand out as one of the best in terms of organization, investor attendance, and engagement. We were surprised by the speed at which they have moved. We went from an initial meeting to filling out our round in less than a month. I wish we had started with their group!”
About the Pasadena Angels
Founded in 2000, the Pasadena Angels is a group of leading private investors that provides long-term intellectual and financial capital to help build successful companies throughout Los Angeles and Southern California. Their members, with many years of collective leadership experience, provide the resources and experience to ensure the success of their portfolio companies.
The Pasadena Angels invests in early stage companies in a broad range of industries, including but not limited to technology, that have the potential to build sustainable and successful businesses. The Pasadena Angels charges no fees for its services.
About Wasatch Microfluidics
Wasatch Microfluidics was founded in Salt Lake City, in 2005 by Josh Eckman, Bruce Gale and Jim Smith. The company licensed the CFM printing technology from the University of Utah Research Foundation later that year. Over the years, Wasatch has worked to develop the CFM to create a product that maintains proteins in enclosed channels and allows more proteins to attach to the surface, improving results up tot 1000 fold. Wasatch has 2 allowed patents and 2 pending patents for its CFM technology and six total grants, including multiple Phase I and Phase II SBIR grants.