Adarza BioSystems, an early stage medical diagnostics company, plans to open a research facility in St. Louis, Missouri, with assistance from state and private incentives designed to nurture high-tech start-up companies.
The company’s proprietary chip-based platform diagnostic capabilities range from allergy testing to cancer diagnostics, and serves both commercial and at-home purposes. The company is developing a rapid and label-free biological assay platform for measuring clinical and point-of-care samples.
The Missouri Technology Corporation, a non-profit corporation housed within the Missouri Department of Economic Development focusing on promotion of entrepreneurship, invested $200,000 in the life science startup company through its IDEA Funds program. The firm will primarily use funds to develop product prototypes and hire key personnel in St. Louis, state economic development officials said.
In addition to MTC’s investment, Adarza received a matching investment from BioGenerator, a private entrepreneurship support organization and early-stage capital fund based in St. Louis. The combined $400,000 investments from MTC and BioGenerator are part of $1.4 million total raised to launch Adarza in St. Louis.
“We’re excited to welcome Adarza BioSystems to Missouri’s extensive network of technology startup companies,” said Bill Anderson, Executive Director of Missouri Technology Corporation. “Investing in tech startups keeps us on the forefront of innovation and stimulates Missouri’s economy. With the state’s highly skilled workforce, low cost of doing business and strategic investment initiatives, it’s no surprise that high tech startups are looking at Missouri for growth opportunities.”
Adarza BioSystems is currently located in Rochester, N.Y., but will expand to St. Louis to take advantage of the area’s extensive life sciences assets. MTC’s diverse recruitment tool kit offers promising tech startups, like Adarza, opportunities for rapid growth and expansion in Missouri, state officials said.