For Immediate Release
Traxion LLC, a Golden-based venture catalyst whose strategic partners include the City of Golden and Colorado School of Mines, announced the successful completion of a $275,000 follow-on round of angel funding for Cobio Diagnostics, Inc.
Cobio Diagnostics was formed in 2016 by licensing a portfolio of patents from Colorado School of Mines used for the rapid detection of bacteria. The biotechnology was developed through research conducted by the Mines Chemistry Department and provides medical testing for the detection of antibiotic resistant bacteria such as MRSA. Cobio s technology is uniquely positioned to provide phenotypic results in one to four hours, compared to current testing devices which typically take 48 to 72 hours.
The World Health Organization has identified resistance to antibiotics as the top global health threat. According to the CDC, overuse of antibiotics in people and animals is leading to drug- resistant infections that help cause an estimated 2 million illnesses and 23,000 deaths a year in the U.S. alone.
In conjunction with the completion of the successful capital raise, Cobio announced the hiring of Rob Jenison as CEO. Over more than 25 years, Rob has developed multiple technologies into FDA- approved IVD platforms in the genotyping and clinical microbiology space, and was most recently Chief Technology Officer for Great Basin Scientific.
"I am excited to join Cobio and develop this novel technology into a clinically useful tool for management of infectious diseases. This approach would provide rapid phenotypic detection of drug resistance which is particularly needed for accurate diagnosis of dangerous, broadly drug resistant Gram negative bacteria. I look forward to working with the Traxion team on this effort," Jenison said.
Traxion was formed in 2016 to provide support to early-stage companies in Golden and Jefferson County through a combination of educational programs, access to advisors and a network of professional services providers, and a pipeline for venture capital. Traxion is closely aligned with Mines and works with its Center for Entrepreneurship and Innovation, Entrepreneurship and Innovation Alumni Interest Group and faculty on a variety of initiatives benefiting students, faculty and graduates.
The capital raise was managed by the principals of Traxion LLC, and the investment will be used by Cobio to fund additional research and product development. Cobio was approved in January for Advanced Industries status by the Colorado Office of Economic Development, which has identified seven industries in the state that are critical for economic growth.
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