Biotix Raises $2M to Help Fund Growth
Biotix, a San Diego company that supplies pipette tips, reagent reservoirs, and other laboratory consumables, has raised $2 million of a planned $4 million Series B equity round, according to a recent regulatory filing.
Biotix plans to use the proceeds “to help with the growth that we’ve experienced and expand our current operations,” spokeswoman Mickie Henshall says.
Biotix was founded in 2005 to develop high-end and heavily engineered pipette tips solely for robotic equipment used in life sciences and research laboratories. Henshall says the Pelican Group, a San Diego life sciences holding company, acquired Biotix and combined its operations in 2008 with Continental Lab Products, a longstanding San Diego provider of laboratory supplies that Pelican had absorbed in 2006. Pelican also restructured its operations and shed other assets so that today “Pelican actually is Biotix,” Henshall says.
Investors were not disclosed in the latest filing, but Henshall says Grotech Ventures of Vienna, VA, and Ferrar, Freeman & Co. of Greenwich, CT, are the company’s only investors. Henshall says Biotix has so far raised a total of $74 million in venture capital.
The company says its origins reflected a realization that laboratory consumables were not keeping pace with increasingly stringent performance requirements for supporting advances in molecular methods and technologies. As a result, Biotix says it has developed more than 100 new products (supported by 30 patent applications) to serve life sciences, clinical, pharmaceutical, and biotech laboratories.