Ceres expands series A riches to $8.5m

Ceres Nanosciences, a US-based Lyme disease therapy developer based on research from George Mason University, has added $5.5m in series A funding to take the round’s total to $8.5m.

The extension included investments from the university’s LVG Seed Fund along with charitable research agency Bay Area Lyme Foundation and venture capital fund Pactolus Ventures.

Ceres previously received a $3m series A tranche in February 2017 led by VC firm GreyBird Ventures, which is due to provide additional funding on the fulfilment of certain product development milestones.

Ceres Nanosciences has developed a nanoparticle capture platform called Nanotrap that can process biomarkers and bio-fluid samples to help diagnose conditions.

The spinout’s first Nanotrap-based diagnostics product, the Nanotrap Lyme Antigen Test System, is an early detection urine test for Lyme disease, a bacterial infection caused by tick bites.

Ceres will use the series A capital to continue development of the Lyme disease test and to create additional uses for the Nanotrap system.

The spinout previously received $980,000 in grant funding in 2016 from the US Department of Defense.

Ross Dunlap, chief executive of Ceres Nanosciences, said: “Over the past year, our team has sought out investors who can accelerate our growth with their business expertise and strategic advice.

“These new investors have decades of experience in the life science industry and are closely aligned with Ceres’ mission of delivering a powerful technology to the market to benefit patients globally. We are absolutely thrilled to have them join our team.”