Estimated read time: 4-5 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
[STK]
[IN] EDU HED HEA MTC
[SU] FNC
TO BUSINESS, EDUCATION, AND MEDICAL EDITORS:
University of Michigan's Wolverine Venture Fund Participates in $21
Million Series B Financing of NeuMoDX
ANN ARBOR, Mich., April 1, 2014 /PRNewswire-USNewswire/ -- The
Wolverine Venture Fund, managed by students at The Samuel Zell &
Robert H. Lurie Institute for Entrepreneurial Studies at the
University of Michigan Ross School of Business, today announced it has
invested in NeuMoDx Molecular, Inc., a privately held diagnostics
company developing a new platform for high throughput, low cost
molecular testing. The $21 million Series B round of financing was led
by Pfizer Ventures and also included investments from Baird Capital,
Venture Investors and existing investor Arboretum Ventures. The
Wolverine Venture Fund also participated in NeuMoDx' $5 million Series
A financing round in 2012.
This financing will be used to fund development of the NeuMoDx 500
Molecular IVD System, a fully automated, random access platform
capable of performing RNA and DNA-based assays. In addition to
completing platform development, this funding will enable the company
to pursue clinical trials and regulatory approvals for the system's
first assays.
Faculty Managing Director, Prof. Erik Gordon, said the students
performed professional-level follow-up due diligence on the technical
and market adoption aspects of the investment, and concluded that it
fit the Fund's criteria for growth and return on investment. Gordon
added, "The students as a group bring to the table broad array of
expertise, including scientific, engineering, marketing, clinical and
financial experience."
The $5.5 million Wolverine Venture Fund was the country's first
student-led venture fund and serves as a shining example of the
Institute's action-based approach to entrepreneurial education. The
Fund's student members seek, screen and negotiate investments and
develop significant experience in these areas - and in working with
VCs and entrepreneurs. Since its inception, the Wolverine Venture Fund
has invested more than three dozen companies in a wide range of
innovative industries such as information technology, life sciences
and alternative energy. A team of students drove the investment in
ArborMetrix, including sourcing the deal and conducting all necessary
due diligence, negotiation and collaboration with other investors.
"Students from the Wolverine Venture Fund have been a valuable
addition to the strategic investment team for NeuMoDx Molecular, and
we are delighted they are part of our Series B," stated Jeff Williams,
Founder and CEO of NeuMoDx. "My experience working with the University
of Michigan and the Wolverine Venture Fund goes beyond NeuMoDX. Like
the student teams who participated in funding my prior company
HandyLab, our current Wolverine Venture Fund team represents a broad
cross-section of business expertise providing valuable perspective as
we continue with development, clinical trials and approvals."
About the Stephen M. Ross School of Business The Stephen M. Ross
School of Business at the University of Michigan is a vibrant and
distinctive learning community grounded in the principle that business
can be an extraordinary vehicle for positive change in today's dynamic
global economy. The Ross School of Business mission is to develop
leaders who make a positive difference in the world. Through thought
and action, members of the Ross community drive change and innovation
that improves business and society.
Ross is consistently ranked among the world's leading business
schools. Academic degree programs include the MBA, Part-time MBA
(Evening and Weekend formats), Executive MBA, Global MBA, Master of
Accounting, Master of Supply Chain Management, Master of
Entrepreneurship, Master of Management, BBA, and PhD. In addition, the
school delivers open-enrollment and custom executive education
programs targeting general management, leadership development, and
strategic human resource management.
About the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial
Studies The Institute and its Center for Venture Capital and Private
Equity Finance bring together a potent mix of knowledge, experience
and opportunities from the front lines of entrepreneurship and
alternative investments. The student learning experience is further
enhanced through internships, entrepreneurial clubs and events that
serve to provide viable networks and engage the business community.
The School's three student-led investment funds, with over $6.5M under
management, immerse students in the business assessment and investment
process. Founding Board Members include Samuel Zell, Chairman of
Equity Group Investments and Eugene Applebaum, Founder of Arbor Drugs,
Inc. For more information, visit the Institute at
www.zli.bus.umich.edu.
SOURCE Samuel Zell & Robert H. Lurie Institute for Entrepreneurial
Studies
-0- 04/01/2014
/CONTACT: Rachel Schlacter, Version 2.0 Communications, 617-426-2222, rschlacter@v2comms.com; Mary Nickson, Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies, 734-615-4424, mnickson@umich.edu
/Web Site: http://www.zli.bus.umich.edu/
CO: Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies
ST: Michigan
IN: EDU HED HEA MTC
SU: FNC
PRN
-- DC95364 --
0000 04/01/2014 14:04:00 EDT http://www.prnewswire.com
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
