Bioptigen Closes Convertible Note Funding with Piedmont Angel Network Two
Posted: 09-13-2007 : GREENSBORO, N.C.

Greensboro, NC – Durham-based Bioptigen, Inc. recently completed a $500,000 convertible note as it prepares to initiate a Series B round of financing. The round was led by the Piedmont Angel Network Two, a structured, committed capital angel fund located in Greensboro, North Carolina, and included participation from other Series A investors.

According to President and CEO Eric Buckland, Bioptigen is actively engaged with development partners to accelerate commercialization of the company’s proprietary ophthalmic spectral domain optical coherence tomography (SDOCT) product line for use in clinical diagnostic and research settings. The core technology, developed by Dr. Joseph Izatt at Duke University, provides a platform that enables non-invasive, real-time two- and three-dimensional imaging of the eye with resolution 100 times finer than ultrasound, and twice as fine as previous generation OCT technology. Bioptigen SDOCT imaging systems provide unmatched image quality and system versatility for monitoring the progression of eye disease from the very earliest stages. The company is initially targeting advanced diagnostics and research of age-related macular degeneration and glaucoma with tools that image both human and animal subjects. Bioptigen will introduce its FDA approved clinical product suite at the American Academy of Ophthalmology’s Annual Meeting in November. The company continues to develop SDOCT for a broad array of applications ranging from functional genomics to orthopedics.

Bioptigen expects to raise $2 million in the next round. Previously, the company raised $1.4 million during an oversubscribed Series A round that closed in August 2006.

PAN Two is enthusiastic about its continued investment in Bioptigen and looks forward to announcing additional deals in the near future. PAN funds have invested over $6 million in fifteen early-stage companies since 2002.

Contact Information:

Troy Knauss
Fund Executive
Piedmont Angel Network
Office: (336) 235-0941
Cell: (336) 508-7825
tknauss@piedmontangelnetwork.com
www.piedmontangelnetwork.com

Eric Buckland
President and CEO
Bioptigen, Inc.
Office: (919) 314-5500
ebuckland@bioptigen.com
www.bioptigen.com