July 23, 2020
Diagnostic startup sees growing interest, funding for disease detection tests
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WEST LAFAYETTE, Ind. – A Purdue University-affiliated life science diagnostic startup is seeing growing interest and support for its innovations focused on detecting and pre-empting the risks of debilitating diseases such as certain cancers.
“This is an incredible opportunity to be among a very select group of startups pitching technologies that are designed to save lives,” Caldwell said.
Amplified Sciences, which is working on advancing innovations for earlier detection of cancer and other diseases, bases its products on patented technologies from Purdue and the laboratory of Vincent Jo Davisson. The patent-protected technology platform enables the amplification of hard-to-find biomarkers.
Davisson, a professor in Purdue’s College of Pharmacy and the co-founder of Amplified Sciences, connected with Caldwell through the Purdue Foundry, an entrepreneurship and commercialization hub housed in the Convergence Center for Innovation and Collaboration in Purdue’s Discovery Park District, adjacent to the Purdue campus.
Amplified Sciences has just completed a $1.1 million seed funding round, with significant participation from the Purdue Foundry Investment Fund, to help continue the mission of advancing life science technologies. The syndicate of investors come from across the U.S.
“We eagerly anticipate tracking their progress going forward,” said John Hanak, managing director of Purdue Ventures. “The Foundry Investment Fund provides an important avenue for attracting interest in Purdue-affiliated life sciences companies like Amplified Sciences.”
Participating Indiana investors include Elevate Ventures, Gravity Ventures, IU Philanthropic Venture Fund, and Purdue Ventures. Investors from outside of Indiana including Houston Angel Network, St. Louis Arch Angels, Golden Seeds, Chemical Angel Network, Beni VC and Racine Medical Angels also participated.
The Foundry Investment Fund, established in 2014, is a Purdue Research Foundation asset with the goal of adding critical capital for the transition from the discovery of a promising technology to founding a viable life sciences company. The funds are partial matching investments following investments made in the companies by institutional and other investors.
Amplified Sciences was recently accepted into the National Institutes of Health’s Applicant Assistance Program for Small Businesses, or NIH AAP. Amplified Sciences’ leaders will receive customized assistance in preparing to submit a proposal for SBIR/STTR grants from the National Cancer Institute in September.
About Amplified Sciences
Amplified Sciences is a startup life science diagnostics company focused on detecting and pre-empting the risks of debilitating diseases, thus providing health providers the ability to treat patients earlier with better outcomes. The company has operations in West Lafayette, Indiana, leverages technology licensed from Purdue University, and has developed a platform that scales to point of care. To learn more about Amplified Sciences, visit amplifiedsciences.com.
About Purdue Research Foundation
The Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. Established in 1930, the foundation accepts gifts; administers trusts; funds scholarships and grants; acquires property; protects Purdue's intellectual property; and promotes entrepreneurial activities on behalf of Purdue. The foundation manages the Purdue Foundry, Purdue Office of Technology Commercialization, Purdue Research Park, Purdue Technology Centers and University Development Office. In 2020, the IPWatchdog Institute ranked Purdue third nationally in startup creation and in the top 20 for patents. The foundation received the 2019 Innovation and Economic Prosperity Universities Award for Place from the Association of Public and Land-grant Universities. For more information on licensing a Purdue innovation, contact the Purdue Office of Technology Commercialization at firstname.lastname@example.org. For more information about involvement and investment opportunities in startups based on a Purdue innovation, contact the Purdue Foundry at email@example.com. For more information about setting up a presence at Purdue, possibly in the Purdue Research Park or Discovery Park District, contact the PRF Economic Development Office at firstname.lastname@example.org.
About Purdue University
Purdue University is a top public research institution developing practical solutions to today’s toughest challenges. Ranked the No. 6 Most Innovative University in the United States by U.S. News & World Report, Purdue delivers world-changing research and out-of-this-world discovery. Committed to hands-on and online, real-world learning, Purdue offers a transformative education to all. Committed to affordability and accessibility, Purdue has frozen tuition and most fees at 2012-13 levels, enabling more students than ever to graduate debt-free. See how Purdue never stops in the persistent pursuit of the next giant leap at purdue.edu.
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