CIT GAP Funds Invests in OTraces, Inc.
Company offers more accurate blood tests for breast, ovarian cancers
HERNDON, Va., June 17 /PRNewswire-USNewswire/ -- The Center for Innovative Technology (CIT), a state-chartered non-profit, announced today that its GAP BioLife Fund, part of the successful GAP Family of Funds, made a $100,000 early-stage investment in OTraces, Inc., a Herndon, Va.-based company that offers more highly accurate and sensitive blood screening tests for breast and ovarian cancers.
"We are proud to receive an investment from an organization such as CIT," said Keith Lingenfelter, OTraces CEO. "This investment from the GAP BioLife Fund will allow us to secure additional resources and finalize product technology, and will help us develop future medical advancement solutions."
The current standard procedures--primarily mammography, DNA, or protein-based tests--are challenged to balance sensitivity with the problem of false positives. OTraces addresses these issues with its ultra-sensitive protein detection technology that is several hundred times more sensitive than current practices. It offers the ability to detect oncology biomarkers by using the standard Enzyme-Linked ImmunoSorbent Assay (ELISA) techniques and dramatically reducing the biological background signals which hinder the current methods.
"OTraces offers a non-invasive, unparalleled medical diagnostic solution within the high-need oncology market," Peter Jobse, CIT President and CEO said in making the announcement. "Better, faster and more accurate diagnoses leads to quicker treatments, which improves the quality of health care for everyone, and that is certainly a very good investment."
CIT GAP Funds is a family of venture funds designed to bridge the gap between "family and friends" funding and early-stage equity investments for Virginia-based technology and life science companies. CIT GAP Funds invests in seed-stage firms with a high potential for successful commercialization, rapid growth and downstream private equity financing. Based on the success of the original GAP Fund, in 2007, with an investment by Johnson & Johnson, CIT launched the GAP BioLife Fund, a specialized follow-on fund investing exclusively in life science companies.
"This investment advances health care technology and economic opportunities, as well," noted Tom Weithman, CIT GAP Funds Managing Director. "This marks the twenty-ninth investment of our GAP Funds, which have, in turn, attracted over $22 million in private equity for new Virginia companies."
Summaries of the CIT GAP Funds portfolio companies are available at http://www.citgapfund.org/portfolio/gapfundI.html.
About the Center for Innovative Technology, www.cit.org
CIT is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology startup companies and advanced technology consumers. CIT is now listed on the GSA MOBIS Schedule, Special Item Numbers (SINs) SIN 874-1 for Consulting Services and SIN 894-2 for Facilitation Services. Its CAGE Code is 1UP71.
Center for Innovative Technology
SOURCE Center for Innovative Technology
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