MINNEAPOLIS, July 29,
2024 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ:
TECH) today announced its participation in Spear Bio's $45 million Series A funding round. Spear Bio
will use the proceeds from this funding round to further accelerate
product development and scale its in-house manufacturing capacity.
Bio-Techne joined Foresite Capital, and other investors, in this
funding round.
Founded in 2021 and headquartered in Woburn, Massachusetts, Spear Bio is an
innovative leader in the development, and manufacture of
ultra-sensitive immunoassays capable of measuring protein
biomarkers at attomolar level from sub-microliter sample
volume. Spear Bio's proprietary Successive Proximity Extension
Amplification Reaction (SPEAR) technology is exclusively licensed
from the Wyss Institute for Biologically Inspired Engineering
at Harvard University. SPEAR leverages
target-binding probes that bind to proximal sites in a protein's
structure. This double-tagging event enables the two
specially-designed probes to "shake hands" multiple times under a
time-controlled manner to ensure true target-induced proximity and
synthesize a unique DNA sequence which can then be amplified and
quantified using standard qPCR instruments. In the absence of
target protein, the transient interaction between free-floating
probes does not allow multiple "shake hands" to initiate the
synthesis of the amplifiable DNA sequence, reducing background over
three orders of magnitude compared to conventional proximity-based
assays. The ultra-sensitivity offered by Spear Bio's technology
makes it ideal for measuring historically challenging low abundant
biomarkers in neurology, inflammation and oncology. The initial
offering will focus on key biomarkers supporting translational
research in Alzheimer's disease.
"We are excited to invest in Spear Bio," said Kim Kelderman, President and Chief Executive
Officer of Bio-Techne. "Spear Bio's ultra-sensitive detection
technology offers significant advantages over traditional
immunoassay and next-gen proteomic technologies, enabling the
quantification of mere dozens of protein molecules in a sample.
This level of sensitivity unlocks several challenging applications
and high growth markets, including early diagnosis of
neurodegenerative diseases. Importantly, Spear Bio's assays run on
qPCR equipment, which is routinely found in research and clinical
facilities, representing an existing installed base to run these
groundbreaking assays."
"Having an industry leader like Bio-Techne invest in Spear Bio
is a testament to the high potential of the SPEAR technology," said
Feng Xuan, Ph.D., Cofounder and
Chief Executive Officer of Spear Bio. "Following this funding
round, Spear Bio is ideally positioned to rapidly deploy our
next-generation assay technology and enable the detection of
biomarkers in historically challenging conditions, including
neurodegenerative diseases."
About Bio-Techne
Bio-Techne Corporation (NASDAQ: TECH)
is a global life sciences company providing innovative tools and
bioactive reagents for the research and clinical diagnostic
communities. Bio-Techne products assist scientific investigations
into biological processes and the nature and progress of specific
diseases. They aid in drug discovery efforts and provide the means
for accurate clinical tests and diagnoses. With thousands of
products in its portfolio, Bio-Techne generated over $1.1 billion in net sales in fiscal 2023 and has
approximately 3,100 employees worldwide. For more information on
Bio-Techne and its brands, please
visit https://www.bio-techne.com or follow the Company on
social media
at: Facebook, LinkedIn, Twitter or YouTube.
About Spear Bio
Spear Bio – founded in 2021 and
headquartered in Woburn,
Massachusetts – is an innovative leader in providing
scalable solutions for ultra-sensitive protein biomarker
measurements. Spear Bio's proprietary technology, Successive
Proximity Extension Amplification Reaction (SPEAR), employs a
unique 2-factor authentication mechanism to precisely measure
protein biomarkers at attomolar level from sub-microliter sample
volume. Spear Bio is focused on leveraging its technology's
unprecedented sensitivity to transform protein research and early
disease diagnosis.
About Bio-Techne Corporation (NASDAQ: TECH)
Contact: David Clair, Vice
President, Investor Relations & Corporate Development
david.clair@bio-techne.com
612-656-4416
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SOURCE Bio-Techne Corporation