Empire Genomics, a Buffalo molecular diagnostics company that provides clinical services and develops high-tech tests for cancer, has raised $1.75 million in a follow-on financing round.
The fundraising includes a $250,000 investment from Rand Capital Corp., the company’s third investment in Empire Genomics, and brings Rand’s total stake in the life-sciences company to $1.15 million in the form of convertible notes and debt, according to a statement from Rand. BroadOak Capital Partners, another existing Empire Genomics investor, led the funding round.
Empire Genomics said in the statement that it will use the money to invest in sales and marketing, automation, increasing the scale of its operation and introducing additional proprietary molecular diagnostics.
The 10-year-old life-sciences company grew out of genomic research conducted by Norma Nowak at Roswell Park Cancer Institute and is located on the edge of the Buffalo Niagara Medical Campus.