reprint
back

Arryx Grabs $2.1 Million in Series C Financing
By Estee Pierce
11/27/2002
CHICAGO -- Arryx, a provider of laser systems for the pharmaceutical and biotech industries, announced that it has received $2.1 million in Series C funding.

Terms for the round were set by Arryx management, according to company co-founder and CEO Lewis Gruber.
Investors in the round included existing shareholder, Draper Fisher Jurvetson, along with other old and new investors. Investments from individuals made up for roughly a third of the round, Mr. Gruber said.

The round's post-money valuation was about $17 million, up from the $10.9-million post money valuation from the Series B. After this round, approximately 55% of the company's shares are held by outside investors.

Proceeds from the Series C round will be used for Arryx's second product, a cell sorter for use in reproductive science, to be marketed to the agricultural industry.

The cell sorter uses optical traps to isolate and move cells, and is based upon Arryx's flagship technology, holographic optical trapping, which enables scientists to use laser beams for manipulating microscopic objects independently and simultaneously in three dimensions.

The company said that its initial focus for the cell sorter is on an agricultural application, in order to avoid regulatory costs and delays. Once introduced, Arryx plans to modify the product for medical, purification, and nanomanufacturing applications.

The company's initial product, the BioRyx 200 system, uses holographic optical trapping for drug development and therapeutic research.

Founded in November 2000, Arryx has raised approximately $7.1 million in three funding rounds. Other investors in the company include Fahnestock Venture Capital Fund, ARCH Development Fund, and East Lake Partners. Arryx's core technology was developed at the University of Chicago, which is also a shareholder.

http://www.arryx.com