RedShift BioAnalytics Announces 500% Sales Growth in 2020 and Closing of Additional Financing
Orders for the company’s AQS³pro platform grew over 500% in the second full year since product launch, and the company closed a $6.4 million Series D Preferred Stock extension to support continued aggressive growth in 2021.
Burlington, MA – February 18th, 2021 RedShift BioAnalytics, Inc. (www.redshiftbio.com), a provider of innovative analytical solutions for protein characterization used in biotherapeutic drug development, announced it has closed a $6.4 million extension to its Series D Preferred Stock financing. The Series D financing was led by Technology Venture Partners, the majority shareholder in the company, and included additional investment by Waters Corporation and all the other major investors in the company. The financing comes as the company closes out a very strong 2020, marked by rapid commercial growth and significant advances in product development, and prepares RedShift for a larger Series E financing later this year.
“I am very proud of the RedShift team for its incredible accomplishments in 2020 in every area of our business, in spite of the unprecedented challenges brought on by the COVID-19 pandemic,” said Julien Bradley, Chief Executive Officer. “While many other companies struggled tremendously last year, we were able to achieve more than 500% sales growth across North America, Europe and Asia, and made significant progress building momentum and executing our strategic product development roadmap.”
Notable achievements for 2020 include:
- Sold 15 of the company’s flagship AQS³pro systems
- Launched 96-well plate and 21 CFR Part 11 compliant software upgrades, strengthening the product’s value proposition for higher throughput and regulated labs
- Adoption of the company’s unique Microfluidic Modulation Spectroscopy (MMS) technology by 10 of the world’s leading biopharmaceutical companies, including the first repeat purchases
- Establishment of distributors in China, Japan, and India; first instrument sales in China occurred within approximately six months of market entry
- Six peer-reviewed publications by leading researchers in the industry highlighting the power of MMS
- First use of MMS data for a New Drug Application (NDA) by a major biopharma customer
- Establishment of a sample testing and demo lab in Burlington, MA, allowing customers unprecedented access to MMS secondary structure measurements and expert data analysis
- Collaborative projects leading to exciting new MMS applications in ligand binding, aggregation quantification, adeno associated viruses (AAVs), and RNA, in addition to continued expansion of work in vaccine development, antibody-based biotherapeutics, and biosimilars.
- Expansion of sales, applications, field service and engineering teams, increasing total company headcount by 50%
RedShift Bioanalytics’ AQS³pro is a next-generation characterization technology for proteins and other biomolecules with advanced data analytics to facilitate better, faster decision making in biopharmaceutical development and manufacturing. It provides direct measurement of previously undetectable changes in biomolecule structural attributes critical to drug product efficacy and quality. The AQS3pro is designed to support discovery, development, formulation and manufacturing of biotherapeutics.
To find out more about RedShift Bioanalytics and the AQS³pro go to: www.redshiftbio.com.
About
RedShiftBio® is a provider of innovative analytical instrumentation for the research, development and manufacture of protein therapeutic drugs. The company has developed a powerful new analytical technique, Microfluidic Modulation Spectroscopy (MMS) that enables direct probing of the biophysical structure of proteins. The patented MMS technology provides comprehensive secondary structure information across five key measurements, in a single automated analysis, replacing the requirement to run samples on multiple instruments. For further information, please visit www.redshiftbio.com or email info@redshiftbio.com
