InDevR spins off ViroCyt, raises growth capital
ViroCyt, a privately held life science company, has begun operations after spinning off from InDevR, a developer of advanced life science instrumentation and assays. Concurrent with the formation of ViroCyt, funding was secured from a group of investors led by High Country Venture.
ViroCyt will be responsible for expanding the commercial market for the Virus Counter technology developed by InDevR. The Virus Counter provides rapid quantification of viruses, resulting in faster, more accurate decision-making in settings that utilize viruses to create lifesaving products, such as viral vaccine production, protein expression, antiviral drug development and viral diagnostics.
"Within the life science research, pharmaceutical and vaccine markets, there is a large and growing need for rapid quantification of viruses, so I am excited to be part of the formation of ViroCyt," said Robert Kline, president and CEO. "The Virus Counter represents breakthrough technology in this important field and the early customer acceptance has exceeded all expectations."
Currently, organizations utilizing the Virus Counter include top global vaccine companies, biotechnologies, domestic and foreign government research institutes and universities.
"We have been monitoring the innovative developments at InDevR for several years,” said Mark Lupa, managing director, High Country Venture. “The opportunity to form a company around commercialization of their first product represents a unique investment opportunity."
The recently raised growth capital will be used primarily to build out the North American direct sales force and expand its international network of distributors in order to recognize the growing global demand for rapid virus quantification technology.
"We are tremendously enthusiastic about transitioning the Virus Counter technology to ViroCyt," said Dr. Kathy Rowlen, co-founder and CEO at InDevR. "With Robert Kline's demonstrated success in building companies focused on customer satisfaction and meeting market demands, I am confident that the Virus Counter can significantly improve vaccine production as well as positively impact a number of other virus-related industries."