RedShift BioAnalytics Raises $11 Million Series C Preferred Stock Co-Led by Waters Corporation and Technology Venture Partners
BOSTON, March 21, 2017 – Bowen Advisors is pleased to announce that its client RedShift BioAnalytics, Inc., an innovative provider of bioanalytical instrumentation for the research, development and manufacturing of protein therapeutic drugs, has closed on an $11 million Series C Preferred Stock offering co-led by Waters Corporation (NYSE: WAT), a developer and manufacturer of advanced analytical and material science technologies for laboratory-dependent organizations, and Technology Venture Partners. Bowen Advisors acted as the exclusive strategic financial advisor to RedShift.
RedShift’s ProLaser™ protein characterization system combines five critical protein characterization tests into a single instrument with dramatic improvements in sensitivity, speed, and cost. ProLaser™ will greatly improve the speed of development for protein-based therapeutic drugs. The capital invested in this round will accelerate the shift from development to manufacturing and commercial introduction in 2017. “The Waters investment is a strong endorsement of our technology, validating and expanding the overwhelmingly positive response our instrument has received from the biotechnology and biopharma industry,” said Chip Marshall, CEO of RedShift.
“Bob Fleming and the Bowen Advisors team proved extremely valuable in shaping our message and introducing the company to potential partners,” noted Bryson Hollimon, Managing Partner of Technology Venture Partners. “Their expertise in strategic financing and venture capital was critical to closing this successful transaction.”
“As biopharmaceuticals take an increasing share of the therapeutic drug market, efficiencies in design, testing and manufacturing will play an increasingly important role. RedShift’s ProLaser™ represents an important step forward,” said Robert Fleming. “Bowen Advisors provides unique focus and insights for partnering through a strategic financing, and looks forward to working with other innovative companies in our target industries.”
Click here for RedShift’s press release.