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
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you ...
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
China Unicom exhibit at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE FDD, TD-LTE), fixed-line broadband, ICT, data communica...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.