TB Biosciences, Inc. Closes $1.5 Million in Series A Financing

Proceeds to Develop a Novel Point-of-Care Diagnostic Test for Active Tuberculosis

 Bethlehem, Pa – July 18, 2013 – Tuberculosis has been all but eradicated in the United States, yet is a massive killer worldwide, especially in developing countries. Currently, over 90 million sputum tests are conducted annually. The sputum test is less than 50% accurate and unable to diagnose many with active tuberculosis. With results no better than a coin toss, the World Health Organization (WHO) in 2011 recommended the use of ALL existing serological tests be discontinued. “The goal of TB Biosciences is to develop an accurate, easy to use, affordable, rapid point-of-care test to detect active tuberculosis and replace the unreliable sputum smear,” said Sam Niedbala, Ph.D., CEO and co-founder of TB Biosciences.

TB Biosciences, Inc., a development-stage company, announced today that it secured $1.5 million in Series A financing. The funding was led by Originate Ventures and included Ben Franklin Technology Partners of Northeastern Pennsylvania and the NYU Innovation Venture Fund. Together with recent funding from the National Institute of Health, (NIH), total new funds available for the project are in excess of $2.5 million. The funding will be used to support product development and clinical trials.

Dr. Niedbala continues, “TB Biosciences uses key peptides to detect antibodies in patients with active tuberculosis derived from the genome of the tuberculosis organism, thus offering a completely new approach to testing. Careful screening of expressed proteins has unlocked a powerful library of critical peptides, which will enable the Company to target those with active tuberculosis in children, adults and those co-infected with HIV. Preliminary performance data using samples from endemic countries has resulted in sensitivity greater than 90%. This novel approach was developed over the past 20 years at New York University School of Medicine under the scientific leadership of Suman Laal, Ph.D.”

“Sam Niedbala was a co-founder and the Chief Science Officer at OraSure Technologies (NASDAQ:OSUR) during the time that OraSure commercialized the first FDA-approved rapid, oral fluid and blood HIV test. He has extensive experience developing rapid infectious disease tests, and I believe that we have a unique opportunity under his leadership to revolutionize the way tuberculosis testing is done in the future,” stated Mike Gausling, Managing Partner at Originate Ventures. “Sam is assembling a world-class team to commercialize the technology, and Originate Ventures is excited to help TB Biosciences deliver that promise.”

“The early sensitivity and specificity data in the lab has demonstrated that TB Biosciences’ tuberculosis test is expected to meet or exceed consensus targets for sensitivity and specificity once the test is optimized. This would be a major breakthrough in tuberculosis testing and could go a long way to saving many lives each year,” says Frank Rimalovski, Executive Director of the NYU Innovation Venture Fund.

“The product development efforts for the tuberculosis test will occur in Bethlehem, Pa, and we are excited to be investors in TB Biosciences under Sam’s leadership,” stated Chad Paul, President and Chief Executive Officer of the Ben Franklin Technology Partners of Northeastern Pennsylvania. “Over the past 20 years, Sam Niedbala and Mike Gausling have created a proven track record of building a Russell 2000 company from scratch starting in our business incubator in 1988. The opportunity to invest in TB Biosciences is a terrific opportunity for us and for our global community.”

About TB Biosciences

TB Biosciences, Inc. is an early stage development medical diagnostics company founded in June 2013 to develop a rapid point-of-care tuberculosis test that meets performance standards around the world. The goal of TB Biosciences is to commercialize a simple to operate and use tuberculosis test that replaces the 125 year old sputum smear test. The Company is using an array of patented peptides developed and exclusively licensed from the NYU School of Medicine. To learn more, visit www.TBBiosciences.com.

About Originate Ventures

Originate Ventures is a venture capital investment firm, targeting early stage product and services companies located in Pennsylvania and the Mid-Atlantic region. The firm focuses on opportunities with medical devices, healthcare, consumer, information technology, Web-based and commercial products. Operating with an entrepreneurial spirit and vision, Originate’s investments range in size from $500,000 to $4,000,000. For more information, visit www.originateventures.com.

About NYU Innovation Venture Fund

The NYU Innovation Venture Fund is a $20 million seed stage venture capital fund created in 2010 to invest in startups founded by, and/or commercializing technologies developed by NYU students, faculty and researchers. For more information, visit nyu.edu/venturefund.

About the Ben Franklin Technology Partners of Northeastern Pennsylvania

The Ben Franklin Technology Partners of Northeastern Pennsylvania creates and retains highly paid, sustainable jobs by linking early-stage technology-based firms and established manufacturers with experts, universities, funding, and other resources to help them prosper through innovation. The Ben Franklin Technology Partners has returned $3.60 to the Pennsylvania treasury for every $1.00 invested in the program. It is part of an award-winning, four-center economic development initiative of the Pennsylvania Department of Community and Economic Development, and is funded by the Ben Franklin Technology Development Authority. For more information, visit www.nep.benfranklin.org.

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R. Sam Niedbala, Ph.D.
Chief Executive Officer
TB Biosciences, Inc.
T: 800-822-9923  Ext. 1

BA Insight Closes Latest Round of Venture Funding

Funding Fuels Sustained Growth and Resource Expansion as Demand for Search-Based Applications Increases Across the Enterprise

New York, NY– April 3, 2013 – BA Insight today announced that it has secured its latest round of funding, raising $4.5 million, bringing the total amount raised to date to $15.7 million. All four of the company’s current venture capital investors participated in the round including Milestone Venture Partners, Osage Venture Partners, Paladin Capital Group and Originate Ventures.  The funding supports the company’s growth as the market continues to drive demand for solutions that unlock data across the enterprise.

BA Insight’s advanced search technology redefines how people access siloed information and collaborate.  Organizations are increasingly dealing with rapidly growing volumes of structured and unstructured data, the inability to integrate information from legacy systems, and the move of many organizational systems to the cloud.  As a result they often lack insight into critical business information.  BA Insight enables enterprises to bring this information together for users, giving them actionable insights into customers, products, projects, expertise and more.

“Enterprise search is broken,” said Philip Eliot, Principal at Paladin Capital Group, “and BA Insight is unique in its ability to deliver useful information to the enterprise regardless of where, when and how they need it.  Their solutions revolutionize information access.”

“Our continued investment in BA Insight reflects our confidence in the ability of BA Insight’s platform to transform search into a powerful weapon for the enterprise,” said Todd Pietri, co-founder and General Partner of Milestone Venture Partners.  “BA Insight delivers tools that enable organizations to leverage their investments in existing solutions and expose data in an actionable, relevant way.”

BA Insight customers include industry-leading companies across a variety of industries including the legal, oil and gas, and pharmaceutical/life sciences. For more information on products and services, visit www.bainsight.com.

About BA Insight

BA Insight™ is the leading provider of integrated search technologies that help organizations leverage the full power of Microsoft SharePoint® across the enterprise. BA Insight’s flagship Longitude Search and Longitude Connector products let organizations extend Microsoft’s enterprise search capabilities across dozens of CRM, ERP, ECM, messaging, and collaboration systems, and delivers rich document preview and assembly tools that empower knowledge workers to act upon search results with greater speed and effectiveness.

About Milestone Venture Partners

Milestone Venture Partners is a venture capital fund located in New York City with $100 million under management.  Milestone specializes in early-stage software and data services investments in Greater New York.  Areas of expertise include enterprise information technology, Digital Health, media, marketing services and FinTech. For more information, visit www.milestonevp.com.

About Originate Ventures

Originate Ventures is a venture capital investment firm, targeting early stage product and services companies located in Pennsylvania and the Mid-Atlantic region. The firm focuses on opportunities with medical devices, healthcare, consumer, information technology, Web-based and commercial products. Operating with an entrepreneurial spirit and vision, Originate’s investments range in size from $500,000 to $4,000,000. For more information, visit www.originateventures.com.

About Osage Venture Partners

Osage Venture Partners (OVP) is a venture capital firm located just outside of Philadelphia, Pennsylvania, that invests in early-stage enterprise technology companies in the Mid-Atlantic region. OVP raised its first fund in 2005, and has invested almost exclusively in enterprise software companies since that time. With over $100M under management, OVP seeks to invest in determined and creative entrepreneurs and provide them with the assistance required to build high growth businesses. For more information, visit www.osagepartners.com.

About Paladin Capital Group

Paladin Capital Group is a leading multi-stage private equity firm providing capital and strategic guidance to growing companies in the IT, telecommunications and alternative energy sectors.  The firm focuses on companies with products and services that are “dual use” in nature, serving both commercial and government customers. Paladin has over $950 million dollars of committed capital across multiple funds and has invested in over 50 portfolio companies. For more information, visit www.paladincapgroup.com.

For information, contact:

Laura Sankowich

VP of Marketing at BA Insight




Rachel Holmes

Corporate Communications Manager at BA Insight



Micro Interventional Devices, Inc. Closes First Tranche of $5 Million Series B Financing

Proceeds to Fund Enhancement and CE Mark Approval of the Permaseal(TM) Transapical Access and Closure Technology

Bethlehem, PA – January 14, 2013 – Micro Interventional Devices, Inc.™ (MID), an emerging cardiovascular medical device company, announced today it has secured $3.5 million of its expected $5 million Series B financing. The initial tranche was led by Originate Ventures with existing investor, Battelle Ventures, LP, also participating in the round. In conjunction with the financing Mike Gausling, Managing Partner of Originate Ventures, will join the MID Board of Directors.

The funding will be used to support the ongoing development of the Permaseal™ product, advance the STASIS clinical study (Sutureless Transapical Access and Closure Study) and obtain CE Mark approval for Permaseal. The funding will also support MIDʼs research and development initiatives focused on developing its percutaneous transapical and large bore femoral access and closure devices.

“The market for transcatheter aortic valve implantation is expected to grow rapidly over the next several years as innovation continues to improve and simplify the procedure,” said Mike Gausling, Managing Partner of Originate Ventures. “Originate Ventures believes that Permaseal represents a significant opportunity given these market dynamics. I am excited to be joining MIDʼs Board of Directors and to work with management to ensure the successful clinical and commercial development of this revolutionary access and closure technology.”

Permaseal is the first transapical access device to enable true “self-sealing,” sutureless cardiac access and closure. The device is designed to enable a range of structural heart repair procedures including transcatheter aortic valve implantation (TAVI) and mitral valve replacement and repair.

“Closing the first tranche in our Series B, and the addition of Mike Gausling to MIDʼs Board, are key milestones in the growth of MID and ongoing development of Permaseal,” stated Michael Whitman, President and CEO of MID. “As TAVI becomes more widespread there is a critical need for efficient cardiac access and closure devices. We believe the Permaseal platform is a true game-changing technology, and we look forward to completing the STASIS trial and securing CE Mark in order to fulfill this unmet therapeutic need.”

About Micro Interventional Devices, Inc:
Micro Interventional Devices, Inc. (MID) is an emerging cardiovascular medical device company founded in May 2010. MID is developing solutions for transcatheter aortic valve implantation (TAVI), transcatheter mitral valve replacement and repair and other emerging structural heart repair procedures. The company is developing proprietary technology based on a breakthrough in soft-tissue anchoring and associated delivery devices that enable off-pump procedures. To learn more, please visit www.microinterventional.com.

Company Contact:
Micro Interventional Devices, Inc.
Katherine Whitman
Marketing Communications Manager

Media Contact:
Tiberend Strategic Advisors, Inc.
(212) 827-0020
Claire Sojda


FSAstore.com Closes More Than $2 Million Financing

Second round financing led by Originate Ventures includes additional investment from previous investors Point Judith Capital and the Lang Fund of Columbia Business School

NEW YORK, Oct. 9, 2012 /PRNewswire/ — FSAstore.com, the only e-commerce site exclusively stocked with Flexible Spending Account (FSA) eligible products and services, closed its second round financing of more than $2 Million. The financing, led by Originate Ventures, includes investment from previous investors Point Judith Capital and Columbia Business School Lang Fund, as well as additional angel investors.

The funding will be used to accelerate sales, marketing and development initiatives, as the company continues to expand to meet growing consumer demand for its products and services. FSAstore.com enables consumers with Flexible Spending Accounts to use their tax-free dollars to purchase more than 6,000 healthcare products and browse hundreds of services directly from the website. FSAstore.com partners directly with FSA Administrators (TPAs) to make a wide range of health products, tools, and services directly available to FSA holders.

“We are thrilled that Originate Ventures, a leading early stage investor in the healthcare sector, is joining our existing investors in our latest financing round, which will provide us with the resources necessary to expand our operations to meet the rapidly growing demand for our products and services,” said Jeremy Miller, FSAstore.com founder and president.

“In just two years FSAstore.com has shown impressive results in the development of its TPA network, new product initiatives such as their prescription service, and strong customer satisfaction and retention,” said Glen Bressner, Managing Partner at Originate Ventures. “We look forward to our partnership and to helping the company build toward the next stage of service to TPAs and consumers.”

“The ability to use FSA tax-free income to purchase thousands of high quality healthcare products and services is a tremendous advantage for consumers and an important opportunity for TPAs to meet plan member needs, especially during tough economic times,” said David Martirano, co-founder & general partner at Point Judith Capital. “FSA Store is ideally positioned to expand operations as interest in this purchasing option continues to expand, and we are committed to their long term success.”

About FSAstore.com

FSAstore.com is the only one-stop-ecommerce site exclusively stocked with FSA eligible products and services, eliminating the guesswork regarding what is reimbursable by an FSA. Consumers who have Flexible Spending Accounts can access more than 6,000 high quality FSA eligible products, in addition to FSA eligible services and much needed information through our FSA Learning Center. FSAstore.com accepts all FSA and major credit cards, offers 24/7 customer service, one-to-two-day turnaround for all orders, and free shipping on orders $50+. In addition there is no need to submit receipts for consumers who purchase products on FSAstore.com using an FSA card.

About Originate Ventures

Originate Ventures is a venture capital investment firm, targeting early stage product and services companies located in Pennsylvania and the Mid-Atlantic region. The firm focuses on opportunities with medical devices, healthcare, consumer, information technology, Web-based and commercial products. Operating with an entrepreneurial spirit and vision, Originate’s investments range in size from $500,000 to $4,000,000.

We believe our brand building techniques and experience uniquely permit us to accelerate growth and reduce additional capital rounds, allowing founding entrepreneurs to retain more ownership. Our almost three decades of experience, in over 60 categories, also allows us to better identify and assist in creating strong brands. Finally, we take pride in being entrepreneurs first, though the partners have strong track records as business owners and management consultants. http://www.originateventures.com.

About Point Judith Capital

Point Judith Capital (PJC) is a leading early stage venture capital firm based in Boston, MA. The firm focuses on three rapidly growing sectors rich with innovation: Clean Technology, Internet Technology, and Healthcare Technology. Building positive and collaborative relationships with portfolio company management, the Point Judith Capital Partners take a hands-on approach to investing. PJC’s investment approach is based on the core belief that with the right capital and support, great entrepreneurs can build market-leading companies. For more information about Point Judith Capital visit www.pointjudithcapital.com.

CMP.LY Closes $2.4M Series A for Social Media Compliance Services

A New York start-up that helps businesses adhere to laws around marketing and communications via social media, CMP.LY, closed a $2.4 million Series A round led by Innovation Ventures and Originate Ventures and joined by angel investors Jay Baer and Steve Garfield, VentureWire has learned.

Compliance issues are becoming of greater concern to brands, says Tom Chernaik, the founder and chief executive of CMP.LY. In landmark cases, the U.S. Federal Trade Commisssion and the “court of public opinion” have already strongly weighed in on companies’ uses of social media, he notes. In one case, Ann Taylor Loft (a brand owned by ANN Inc.) gave bloggers gift cards to compel positive posts about their products. In another, Reverb Communications Inc.-an agency representing digital media brands like MTV Games and Ignition Entertainment-posted shill reviews in the iTunes store.

CMP.LY’s technology monitors and documents a company’s official social media interactions. Its platform automatically attaches and publishes required disclosures within status updates and blog posts by a marketer using it. The CMP.LY disclosure attachment may appear as a short URL in a character-limited Tweet. On blogs, where a company has paid a blogger to review their products, for example, or where a company is running a contest, the CMP.LY disclosure may include a badge (or “icon”) and short link to a detailed disclosure.

CMP.LY’s new capital will primarily go toward hiring top-notch developers and building mobile products and services tailored for health and finance industry clients, Mr. Chernaik reports. The company also plans to invest in programs to educate professionals, including brand managers, search- advertising and public-relations executives, and attorneys, about evolving regulatory issues.

Currently based in New York City’s Grind, a co-work space for tech entrepreneurs and creatives, CMP.LY now employs eight people full time and boasts twenty paying clients.

With the Series A funding, David J. Freschman, managing principal of Innovation Ventures, and Eric Arnson, managing partner of Originate Ventures, join CMP.LY’s board of directors. CMPLY’s earlier seed investors included Safir Capital, Angel Street Capital and others.

Mr. Freschman told VentureWire he encountered CMP.LY first at an event he hosts, Early Stage East, and was immediately struck by the company’s concept and technology.

“It’s an efficient, compelling proposition for professionals who have to deal with regulatory and compliance issues around social media campaigns as they become ubiquitous and necessary to doing business,” he said.


RightsFlow Purchased by Google

BETHLEHEM, PA  December 12, 2011,  Originate Ventures is pleased to announce today that Google purchased RightsFlow.

Google purchased RightsFlow (see announcement below) as part of its global strategy to extend their presence in the music and video markets, and provide a platform for new growth initiatives. RightsFlow’s team is uniquely qualified with its licensing and royalty technology platform designed for the digital music, interactive media, Internet, and entertainment markets. The leadership team, led by Patrick Sullivan, has proven to be exceptionally nimble in successfully redefining and automating a mature market. They also created a wonderful Company culture, just recognized last week as one of the top 10 places to work in NYC!

Google Acquires Music-Royalty Manager RightsFlow

By Ethan Smith

Mountain View, Calif.

YouTube said it has acquired RightsFlow Inc., a small company backed by Originate Ventures that tracks and processes royalty payments to songwriters and music publishers.

The acquisition gives YouTube, a video-sharing service owned by Google Inc., access to technology to help it manage its relationship with one of the most fragmented and unwieldy parts of the music industry: music publishing. Music publishing concerns the copyrights on songs’ lyrics and melodies, as distinct from a particular recording of a given song.

Music publishers have long made money collecting large numbers of small royalty payments. That dynamic has been accelerated as music consumption has moved from CD sales and commercial radio airplay to digital downloads and online streaming via YouTube and services such as Spotify AB.

Where a single CD sale might generate around $1 in publishing royalties, an individual song download generates a royalty of about 9 cents. A single stream of a song on YouTube or Spotify generates just fractions of a cent for the writer of the song.

Managing royalties amid such fragmentation has proven difficult. In the RightsFlow statement, Chief Executive Patrick Sullivan said YouTube “shares in our vision of solving the really challenging problem of copyright management.”

Terms weren’t disclosed. A Google spokeswoman declined to make executives available or to comment beyond statements posted on a YouTube blog and RightsFlow’s website. The statements didn’t say how, if at all, the Google acquisition could affect RightsFlow’s working relationships with other online music services.

Music publishers have long felt slighted by YouTube and other technology companies that feature music on their online services. Typically such companies have devoted significant time, energy and money to securing licenses from record companies and have sought publishing deals later, if at all. Owning RightsFlow could help YouTube regain a steadier relationship with publishers by ensuring more timely, accurate payments.

YouTube’s blog posting said in part: “By combining RightsFlow’s expertise and technology with YouTube’s platform, we hope to more rapidly and efficiently license music on YouTube, meaning more music for you all to enjoy, and more money for the talented people producing the music.”

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