DeNovo Sciences continues to hit its milestones again and again, raising seven figures worth of seed capital, growing its team, and pushing forward the development of its cancer warning system.
The Michigan Life Sciences and Innovation Center-based start-up has raised in excess of $1 million since winning the $500,000 first place prize at the Accelerate Michigan Innovation Competition
"I was looking for $1 million," says Kalyan Handique, CEO of DeNovo Sciences
. "I was happy to get $1.75 million from a network of angel investors and the Michigan Pre-Seed Capital Fund and some grants."
DeNovo Sciences is developing a platform for early detection of cancer from blood as an alternative to painful biopsies. It got its start in Ypsilanti and has since moved to the Ann Arbor SPARK managed Michigan Life Sciences and Innovation Center
in Plymouth. There it has grown to four full-time employees and eight part-time consultants. It is in the process of hiring a researcher now.
The company is also hitting some of its development milestones, successfully using its technology to capture cancer cells in the blood. Handique expects to begin commercializing the product next year and have the full product platform available by 2014. His team is also gearing up to raise $6 million in a Series A round next year and land some corporate partnerships.
"We're beginning to speak to corporate partners who would benefit from our technology," Handique says.
Source: Kalyan Handique, CEO of DeNovo Sciences
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.