RTP-based BioMedomics Raises $500,000

7/30/17

By Chris Roush, NC BIZ News

A medical diagnostic company based in the Research Triangle Park has raised $500,000 in an equity and debt offering, according to a filing Friday with the Securities and Exchange Commission.

BioMedomics Inc. raised the money from one investor, according to the filing. The company had raised $275,000 in February 2015, according to this filing.

The 11-year-old company previously raised $2.23 million in a convertible preferred stock offering as part of its earlier Series B round of financing.

The latest round of Series B financing is $500,000 in a promissory note that can be converted into preferred stock.

In April 2016, the North Carolina Biotechnology Center gave the company a $250,000 small business research loan to support the development of a low-cost, point-of-care test for hemoglobin variants in blood, to aid in effective treatment decisions for sickle cell disease.

The company has developed tests for sickle cell disease and alpha thalassemia that are currently being launched to the medical diagnostic market. Additionally, it is preparing to launch a quantitative test for hemoglobin S and has also licensed a total hemoglobin monitor. It launched a test for Tylenol overdose in 2015.

Its founder and chief executive officer is Frank Wang, who is also chairman of the board of the North Carolina Chinese Business Association.

Wang was previously president of Biomachines Inc. He holds a Ph.D. in applied physics from Osaka University in Japan.

Private companies similar to BioMedomics, which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.

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