Tangen Biosciences Closes Oversubscribed $12.2M Series B Preferred Stock Financing
Amount Raised
$12 Million
Round Type
Series B
BranfordDescription
Tangen Biosciences, Inc., a molecular diagnostic company located in Branford, Connecticut, announced that it has closed a $12.2 million Series B Preferred Stock financing with participation of current and new investors, including Connecticut Innovations, VC23, Leading Edge Ventures, and Parvizi Surgical. The financing was oversubscribed from the $10 million initially sought to be raised. The net proceeds of the financing will be used to scale up the manufacturing capacity for Tangen’s SARS-CoV-2 point-of-care diagnostic test being developed to fight against the COVID-19 pandemic. The funds will also be used to support accelerated development work on an upcoming panel test that will include FluA/B, RSV and SARS-CoV-2.
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