Welcome!

News Feed Item

Rand Capital Notes Rheonix, Inc. Patents and Funding

BUFFALO, NY -- (Marketwired) -- 06/16/14 -- Rand Capital Corporation (NASDAQ: RAND), a business development company that provides capital and managerial expertise for small and medium-sized private companies, notes that its Ithaca, New York-based portfolio company, Rheonix, Inc., has received six new patents over the last nine months (http://www.rheonix.com/press/RHE_patent%20release_FINAL.pdf) and has earned a fast-track grant from the National Institutes of Health (NIH) to complete an automated system for simultaneous HIV detection and confirmation. The six-month Phase I award from the NIH is for $189,646, and it is expected to be followed by an 18-month Phase II award of approximately $1.5 million (http://www.rheonix.com/press/NIH_NYU_Grant%20Announcement%20FINAL.pdf). This follow-on funding is in addition to the $30 million raised in late 2013, in a combination of debt and equity investments led by Rand Capital SBIC, Inc., a subsidiary of Rand Capital Corporation (NASDAQ: RAND), and Cayuga Venture Fund.

Allen F. "Pete" Grum, president of Rand Capital, said, "We are pleased to be an investor in Rheonix, a company that will transform the molecular diagnostics and testing industry by bringing complete automation to the high-volume molecular assay market, a segment that is not being adequately served today."

Rheonix is a developer of fully automated molecular testing solutions, including the Chemistry and Reagent Device (CARD®) cartridge and EncompassMDx™ molecular testing platform. The Rheonix CARD is a disposable cartridge the size of a credit card that runs multiple samples simultaneously without user intervention. Once a raw sample is placed on the CARD, the automated EncompassMDx platform runs through the process of sample extraction, DNA purification, amplification, and detection. The sample-to-result solution eliminates the need for multiple pieces of existing equipment, helping to make the testing process quicker, more efficient, less expensive, and less likely to result in human error.

Rheonix technology builds upon recent industry developments, including complete automation from sample input through endpoint detection, as well as the use of panels that provide clinicians with useful information rather than raw data and help improve the standard of care for patients.

"From the beginning, Rheonix has focused on manufacturability. All of our research and development efforts have been grounded in the belief that emerging products must be robust yet low-cost in regard to material selection and assembly," said Tony Eisenhut, President of Rheonix.

The company is in the midst of expanding its physical operations to produce consumables and systems to fulfill Rheonix's joint development agreement with Life Technologies Corp. (http://www.rheonix.com/press/RheonixLIFEPressRelease.pdf) and to commercialize its first clinical, molecular diagnostic product offering later in 2014.

For more information on Rheonix and its products, please visit www.rheonix.com.

About Rheonix Inc.: Rheonix Inc. is committed to improving standards of care by making molecular diagnostics available to more people, in more places, more often. Rheonix, through experienced leadership and creative vision, has developed the EncompassMDx™ platform, a highly customizable technology with unmatched versatility and affordability. The platform performs fully automated, complex molecular assays in an easy-to-use and economical format on the Rheonix CARD® cartridge. With both the Rheonix CARD and EncompassMDx family of products, Rheonix is well-positioned to penetrate key molecular diagnostic market sectors, from reference labs through point-of-care and everywhere in between. For more information, visit www.rheonix.com.

About Rand Capital: Rand Capital is a publicly held Business Development Company (BDC), and its wholly owned subsidiary is licensed by the Small Business Administration (SBA) as a Small Business Investment Company (SBIC). Rand provides capital and managerial expertise to small and medium-sized private companies primarily located in the northeast U.S. Rand is traded on the NASDAQ under the symbol "RAND" and is headquartered in Buffalo, New York. For more information, visit www.randcapital.com.

Investor Contact:
Allen F. Grum
President
716-853-0802
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
UpGuard has become a member of the Center for Internet Security (CIS), and will continue to help businesses expand visibility into their cyber risk by providing hardening benchmarks to all customers. By incorporating these benchmarks, UpGuard's CSTAR solution builds on its lead in providing the most complete assessment of both internal and external cyber risk. CIS benchmarks are a widely accepted set of hardening guidelines that have been publicly available for years. Numerous solutions exist t...
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
"Software-defined storage is a big problem in this industry because so many people have different definitions as they see fit to use it," stated Peter McCallum, VP of Datacenter Solutions at FalconStor Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
The competitive landscape of the global cloud computing market in the healthcare industry is crowded due to the presence of a large number of players. The large number of participants has led to the fragmented nature of the market. Some of the major players operating in the global cloud computing market in the healthcare industry are Cisco Systems Inc., Carestream Health Inc., Carecloud Corp., AGFA Healthcare, IBM Corp., Cleardata Networks, Merge Healthcare Inc., Microsoft Corp., Intel Corp., an...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...