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Rheonix began operations and was later spun out of the microfluidic division of Kionix, Inc. (www.kionix.com), also headquartered in Ithaca, New York. Kionix is a global leader in the design and fabrication of high-performance, silicon-micromachined, MEMS inertial sensors.
Rheonix's novel CARD(TM) (Chemistry And Reagent Device) microfluidic technology, based on technology developed at Cornell University, provides a fully automated "point-of-care" (POC) or "point-of-use" (POU) diagnostic platform with applications in a broad spectrum of markets including human and veterinary in vitro diagnostics, biopharmaceutical manufacturing, food and beverage manufacturing, food/water safety testing, and homeland security/defense applications. The fully-integrated system permits the completely-automated analysis of "raw" samples, with all preparative, analytical, and readout functions performed on the CARD(TM), with virtually no intervention required by the analyst. Coupled with a simple computer interface that controls all functions on the CARD(TM), this powerful diagnostic platform finally provides a revolutionary means for individuals of varying technical expertise, including unskilled analysts, to easily perform rapid POC and POU testing. Rheonix also maintains a separate Corporate Development and Scientific Affairs facility in Grand Island, New York, following their 2008 acquisition of Innovative Biotechnologies International, Inc. ("IBI").
Also participating with Rand in the financing round were Cayuga Venture Fund III, L.P. (Ithaca, NY), Onondaga Venture Capital Fund, LLC (Syracuse, NY) and angel investors.
Daniel Penberthy, Executive Vice-President of Rand Capital, stated, "We have watched both Rheonix and IBI develop their technologies over the last several years, and now believe the Company is positioned with a device that will be accepted into the marketplace. The development of the Company to this stage is a credit to both the strength of its management team, and the quality of its intellectual property. We welcome the chance to work with the Company and make further investment as it continues to achieve key business milestones."
Anthony Eisenhut, President and CEO of Rheonix, Inc., stated that "Rheonix is bringing to market a robust, affordable molecular diagnostic platform that allows for multi-step central laboratory assays to be completed entirely on a disposable plastic card. Our investors have recognized the world class science that has produced such practical, yet powerful innovations. We value their support as we ramp up efforts to commercialize a series of molecular diagnostic assays aimed at the infectious disease market."
Safe Harbor Statement
Information contained in this release, other than historical information, should be considered forward-looking, and may be subject to inherent uncertainties in predicting future results and conditions. These statements reflect the Corporation's current beliefs and are subject to a number of risk-factors, including: general economic conditions which affect Rand and our portfolio companies' operations; valuation and illiquid nature of the portfolio investments; high degree of risk from investing in private companies; the regulated environment in which we operate; the amount of debt resulting from borrowing funds from the SBA; dependency upon key management for investment decisions; and the competitive market for investment opportunities and fluctuations in quarterly results. Please see the Corporation's Form 10-Q, Item 1A, previously filed with the Securities and Exchange Commission for a detailed discussion of the risks and uncertainties associated with the Corporation's business. Except as otherwise required by Federal securities laws, Rand Capital Corporation and Rand Capital SBIC, Inc. undertakes no obligation to update or revise forward-looking statements for new events and uncertainties.
ABOUT RAND CAPITAL
Rand Capital is a publicly held Business Development Company (BDC), and its wholly owned subsidiary is licensed by the Small Business Administration (SBA) as a Small Business Investment Company (SBIC). Rand and its subsidiaries provide capital and managerial expertise to small and medium sized private companies that lack sufficient channels to the capital markets. Rand is traded on the NASDAQ under the symbol "RAND". Rand is headquartered in Buffalo, NY. www.randcapital.com
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Rand Capital Corporation
CONTACT: Rand Capital Corporation Investor Contact: Daniel Penberthy, Executive Vice-President 716.853.0802 dpenberthy@randcapital.com
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