Quadrant Biosciences: Series A Funding, Grants and Selling Common Equity
Quadrant Biosciences Uniquely Positioned at the Intersection of Three Converging Trends
By Charles Schwerin | Certified Business Advisor, SBDC – Binghamton
I am pleased to share with you the recent funding success of our SBDC client Quadrant Biosciences, based in the Institute for Human Performance on the SUNY Upstate Medical University campus in Syracuse, NY. Quadrant recently sold 10% of its common equity for approximately $13 million and successfully converted its previously issued Series A Preferred shares to common shares.
Quadrant Biosciences, which previously raised $6.1 million in its Series A Preferred funding round (2015), is developing two product lines, one based upon the objective measurement of longitudinal changes in brain function (already generating revenue via the ClearEdge Brain Health ToolKit) and the other based upon a novel epigenetic diagnostic technology. Each of these technologies will change the way various neurological health issues are diagnosed and managed, including concussion injuries, Autism Spectrum Disorder, Parkinson’s Disease, ADD/ADHD and potentially others.
In 2016, the company was awarded a $225,000 Phase I STTR grant by NIH (for validation of a salivary miRNA diagnostic test for Autism Spectrum Disorder) with a likely $2 million Phase II award forthcoming (the company’s work is highly regarded by the NIH, with a recent grant review referring to the work as “game-changing”). This work will enable early detection of Autism Spectrum Disorder via a simple saliva swab.
Quadrant was formed after the founder, Rich Uhlig, discovered that the clinical diagnosis and management of concussion injuries was woefully inadequate. Quadrant partnered with world-class clinicians and researchers at SUNY Upstate Medical University to develop ClearEdge, an FDA cleared and listed brain-health assessment system which is now being sold nationally. Quadrant also partnered with a Neuroscientist at Upstate who had developed an innovative method of identifying epigenetic biomarkers of brain injury, disease and disorders in saliva (saliva was found to be a uniquely rich source of brain activity biomarkers).
Quadrant has since developed a world-class bioinformatics platform and employs over 30 engineers, software developers, neuroscientists and clinical researchers. The company is uniquely positioned at the intersection of three converging trends which will define the future of biotechnology: the democratization of big data through cloud computing; rapid advancements in artificial intelligence and machine learning; and the improved quality and reduced cost of next-generation sequencing technology.
The world is beginning to take notice of Quadrant’s successes, as evidenced by reporting on CNN, the Huffington Post, PBS Newshour, and NPR on the exciting prospect of a simple spit test that can predict and diagnose critical neurological changes. A peer-reviewed article – The Association of Salivary MicroRNA Changes With Prolonged Concussion Symptoms – appeared in the January, 2018 issue of JAMA Pediatrics. In the coming months, major advancements in the early diagnosis of Autism Spectrum Disorder will be revealed by Quadrant and its academic and medical research partners.