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Michigan Accelerator Fund invests $750K in Swift Biosciences
The Michigan Accelerator Fund I in Grand Rapids has announced a $750,000 Series A-1 investment in Swift Biosciences in Ann Arbor.
Swift Biosciences is the seventh company MAF-1 has funded since its inception in 2010, and the first investment made since the fund closed with its targeted goal of $15.1 million in capital in August.
Swift Biosciences opened in February 2010 with a fully equipped laboratory and made its first public technical presentation one year later. The company said it has since attracted significant interest from researchers and companies looking for better solutions to challenging genetic analysis problems.
Swift has launched a product suite referred to under the brand myT Primers, which is said to enable detection of mutated cells related to melanoma with extreme sensitivity. The company said this opens the door for test specimens collected as blood samples instead of tissue, which may allow for earlier detection.
In 2013, Swift will launch a new line of products focused on genome sequencing.
“We are thrilled to be investing in Swift at an extremely timely juncture, as their technology is forecast to hit the market right when the need will be the greatest,” said Dale Grogan, managing director of MAF-1. “We look forward to our investment realizing solid returns in two to three years, if not sooner.”
MAF-1 is located at 140 Monroe Center in downtown Grand Rapids in the offices of The Charter Group mergers/acquisitions firm.
MAF-1's managing directors are Grogan and John Kerschen, both of whom are principals of The Charter Group.
Besides Kerschen and Grogam, MAF-1 fund managers include Linda Chamberlain and Prem Bodagala.