New CRISPR diagnostic player VedaBio emerges with $40M start
17 Oct 2023
Executive Change
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Source: FierceBiotech
The San Diego-based VedaBio is launching with $40 million, backed by lead investor OMX Ventures alongside Kleinmuntz Associates and a group of family offices.
It’s been clear for years that CRISPR would have significant utility outside of simple genome editing. With enzymes capable of finding and snipping specific strips of genetic code, it has only been a few steps away from emitting a signal upon discovering its target, to deliver a diagnostic result.
Now a new company aims to push the technology closer to its theoretical limits. VedaBio has emerged from stealth to pitch a CRISPR platform that has the ability to detect an array of chosen molecules at once without sacrificing accuracy, while keeping the sample at room temperature and completing its task in less than a minute.
“With the CRISPR Cascade reaction, we have unlocked the true power of CRISPR with a platform that delivers near-instant molecular detection of highly multiplexed analytes with best-in-class accuracy, all without the need for target amplification,” VedaBio cofounder and CEO Anurup Ganguli said in a statement.
“We believe it is poised to emerge as a future gold standard for molecular detection, empowering major advances across multiple applications including research and industrial tools, diagnostics and therapeutics,” added Ganguli, who previously developed research platforms at the University of Illinois at Urbana-Champaign in the lab of VedaBio’s other co-founder, Rashid Bashir, professor of bioengineering and dean of the Grainger College of Engineering.
To chase its goals, the San Diego-based company is launching with $40 million in the bank, with funding backed by lead investor OMX Ventures, Kleinmuntz Associates and a group of family offices.
The CRISPR Cascade method relies on multiple Cas enzymes, instead of the pre-amplification steps used to copy a particular genetic target that is integral to PCR-based tests. These multiple enzymes trigger a series of chemical reactions that form their own positive feedback loop when a target is present and release a detectable fluorescent signal.
VedaBio has also tapped Frédéric Sweeney, venture partner at OMX, to serve as board director, president and chief operating officer. Previously Sweeney held executive roles at MeMed Diagnostics, bioMérieux, Versant Ventures, Northern Biologics and T2 Biosystems. Christine Ginocchio, Ph.D., will serve as chief medical and scientific officer, after holding the same position at Quotient, and senior VP of global medical affairs at bioMerieux and BioFire.
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