IBJNews

  • Home

Indy lab company secures $30M seed investment

J.K. Wall
March 30, 2012
Keywords
Banking & Finance, Health Care, Health Care & Insurance, Health Care & Life Sciences, Venture Capital
Back to TopCommentsE-mailPrint

Indianapolis-based Strand Diagnostics LLC will receive up to $30 million in investment capital over the next three years from Los Angeles-based NantWorks LLC, a seed-stage investment firm, the companies announced this week.

Strand Diagnostics makes the Know Error system, which uses bar coding and DNA matching to make sure biopsy samples are matched to the correct patients when submitted to its labs for testing.

The investment capital will help it scale up its operations and sales efforts, the company said in a news release.

"The Know Error founding team has laid the groundwork for an innovative system that improves patient safety and diagnostic accuracy,” NantWorks CEO Patrick Soon-Shiong said in a prepared statement. “Their products fit directly into our vision of quantitative medicine and next-generation personalized medicine.”

NantWorks is the same company that announced in January it would sink $85.5 million into a former Pfizer Inc. plant in Terre Haute to produce injectable drugs for use in cancer patients and in critical care situations.

NantWorks predicted the plant would employ 234 people by 2016.

Strand Diagnostics, which operates a testing lab south of Indianapolis International Airport, launched Know Error in 2009. The company has 58 employees, with 48 of them in Indiana.

“NantWorks and Dr. Soon-Shiong provide additional resources, experience, and relationships that will help to grow our platform more quickly,” Know Error President Ken Cerney, said in a prepared statement.

 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

ADVANCED SEARCH
Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ

  1. A non-compete clause is expected to keep Buchman from appearing on-air at WTHR for a year from the WISH contract’s expiration.

  2. In my opinion the estridge companies are crooks. They filed bankruptcy on their 'track housing' side of the business two weeks before they closed on one of my clients' homes. When my client first interviewed Estridge as a builder 6 months before, they specifically ASKED about the solvency of their business, knowing that some builders were struggling. Estridge truly misrepresented their financial situation at that time. I suppose I am more unhappy with the whole system than I am with the builder because what the heck==you can file bankruptcy on 'track homes' but still keep building and make money off of 'custom built' homes??? How ridiculous! They are all homes. How can a company be allowed to bilk thousands of dollars from their subcontractors but still be allowed to build houses?? they should have been made to pay back all their unpaid contractors before being allowed to profit from building any more houses! This alone makes them and the system crooks in my eyes. I would never build an estridge home and I would not recommend for my clients either. If they were truly 'bankrupt' how could they afford to keep building homes anyway??? The whole system needs fixed.

  3. I live a couple blocks east of the Angie's campus and my house is assessed for ~$160,000. If I could get that amount, let alone $384,000 (a 140% bonus), I'd sell in a minute. Either Angie's stockholders just got fleeced, or Angie's is getting about a 58% discount on their property taxes, if these properties are actually worth what they paid Mr. Oesterle for them. Which do you think is the case?

  4. Perhaps the IMA board is really to blame! They agreed to hire Charles. They can't seemingly find donors among themselves, or bring in new blood that will support the museums operating budget with an expanded museum and money to provide curators with something to do (ie buy art). The headlines of disarray at the museum and mass firings are hurting the reputation of the museum for some time to come. If people on the board had misgivings, perhaps they shpuld have more forcefully opposed efforts that they have seemingly been unable to fund, like expansion and the costs it has created!

  5. See, I told u Indyman and Dipsicle....this 8 days is overkill. It's barely worth a weekend....great job Tony George! Your dream has been fulfilled....he fans want the I r l back. Thats how good it was.....and that sucked.

ADVERTISEMENT