Life Magnetics Attracts Investment

Howard Lovy7/26/10

Arboretum Ventures, an Ann Arbor, MI, VC firm that invests in early-stage companies, today announced (PDF) completion of Series A preferred stock financing with Life Magnetics, a University of Michigan spinout developing a desktop in vitro diagnostic device and disposable cartridge assay for rapidly testing bacterial infections. The investment amount was not announced. The device being developed will rapidly determine bacterial response to antibiotics within 8 hours of sample collection, according to the company, which builds on technology licensed from U-M.

Howard Lovy is Xconomy's Detroit correspondent. You can reach him at hlovy@xconomy.com.