Halo Labs, a Philadelphia-based life science instrumentation company that is developing tools for biologics researchers, announced it has raised $5.6 million in Series B funding led by Research Corporation Technologies (RCT). BroadOak Capital Partners, BioAdvance, the BenFranklin Technology Partners of South Eastern Pennsylvania, and Paul McEwan also participated in this round.
This round of funding will go towards supporting the commercialization of Halo Labs’ Horizon subvisible particle analysis instrument and to continue the development of the company’s product pipeline. The Horizon instrument is able to perform high-throughput subvisible particle analysis using volumes as low as microliter (one-millionth of a liter).
“These funds will let us continue building momentum for the Horizon platform and keep pace with product demand as we hire and move forward into next-generation product development,” said Halo Labs CEO Robert Wicke.
Halo Labs is also bringing in Dr. Joseph Keegan as the Executive Chairman of the Board of Directors. Dr. Keegan has worked in the life sciences industry in more than 30 years. And as the former CEO of FortéBio and Molecular Devices, Dr. Keegan generated over $2 billion in exit value.
“This system allows biologics researchers to measure protein aggregates and other particles in hundreds of formulation candidates early in development when only small amounts of sample are available. It completes this analysis in a fraction of the time of its competitors, helping researchers get to the most stable formulation conditions as quickly possible,” added RCT VP Chad Souvignier. ”Market adoption of the Horizon instrument is impressive, including purchases by many marquee biopharma companies. The company has a unique ability to understand and develop products to meet the needs of biologics researchers. We are excited about Halo Labs’ pipeline and the market potential of the Horizon instrument.”