September 12, 2008

Quadraspec receives $2.5 million in funding from Clarian Health Ventures

Quadraspec's products include its Inspira™ Dual Channel Reader that enables more accurate diagnosis of disease and better discovery of new medicines. The technology allows physicians and researchers to use a simple blood test to detect cancer, cardiovascular disease and other serious illnesses in their earliest, most treatable stages.

"Clarian's involvement with Quadraspec comes at a great time in our development," said Dick Aderman, president and COO of Quadraspec. "This capital will allow us to continue our drive toward products and partnerships in human diagnostics, life sciences research and other key markets. Clarian's scientific and business experience will support us in our growth."

In addition to Clarian, the investment group also includes 1st Source Capital Corp. of South Bend, Ind.; EDF Ventures of Ann Arbor, Mich.; and Spring Mill Venture Fund of Carmel, Ind.

"Much of what the state is trying to do through the Purdue Research Park, BioCrossroads and other incubators is to take Indiana ideas and employ Indiana talent to grow the state's economy and keep great people here," Aderman said. "I made a commitment to grow this life sciences business in Indiana. Being funded by Indiana companies makes that possible."

About Quadraspec

Quadraspec's patented SDI™ label-free detection technology permits the rapid analysis of up to 100 unique tests on up to 1,000 unique patients per hour. Quadraspec's fully integrated, multiplex-capable diagnostics platform enables high-throughput, label-free, highly sensitive bioassays and diagnostics. With market disruptive costs to researchers and laboratories and applications from discovery through development, Quadraspec aims to become the next generation gold standard diagnostics platform. Quadraspec was formed in 2004 upon exclusively licensing technology from Purdue University. The company was founded by the principal inventors and IN-Vivo Ventures, a management and investment company that greatly accelerates the commercialization of promising research.

About Purdue Research Park

The 725-acre Purdue Research Park (https://www.purdueresearchpark.com) has the largest university-affiliated business incubation complex in the country. The park is home to more than 140 companies. About 90 of these firms are technology-related and another 39 are incubator businesses. The park was ranked No. 1 in 2004 for university-affiliated research parks and received the 2005 Outstanding Commercialization Award, both from the Association of University Research Parks. The park's companies also have received numerous recognitions, including a 2006 MIRA Award: Innovation of the Year for Purdue Research Park/Quadraspec Inc. and a 2005 CoreNet Global Innovators Award finalist. The Purdue Research Park is part of the Purdue Research Foundation, a private, nonprofit foundation created to assist Purdue University in the area of economic development. In addition to the Purdue Research Park in West Lafayette, the foundation has established or is currently constructing technology parks in other locations around Indiana including Merrillville, New Albany and Indianapolis.

To the Purdue Research Park, https://www.purdueresearchpark.com

Purdue Research Park contact: Steve Martin, (765) 494-46872, sgmartin@prf.org

Source: Dick Aderman, (765) 775-1026, raderman@quadraspec.com