Cascade Angels Fund Invests $150K in Eugene-based NemaMetrix
BEND, OR – September 17, 2015 – Cascade Angels Fund announced today that the Fund has invested $150K in Eugene-based start-up NemaMetrix. The company, which emerged from research initiated at the University of Oregon, provides technology for drug testing or biological discovery using nematode worms as a proxy for human research subjects.
The Cascade Angels investment team was impressed with the caliber of the NemaMetrix team and the technology. The company has been the recipient of numerous grants from the National Institute of Health (NIH), Oregon NanoScience and Microtechnologies Institute, Oregon Translational Research and Drug Development Institute, Business Oregon, and the White House Office of Science and Technology Policy. Additionally, the technology was the basis for a Bill and Melinda Gates Foundation grant awarded to the University of Oregon. It was awarded a $188,000 Phase I Small Business Innovation Research (SBIR) grant from the NIH. The funds are being used to support fundamental proof of concept research, with an eye towards near-term commercialization of microfluidic screening devices for health-span extending drugs.
“Cascade Angels reviews deals from across the state,” says Julie Harrelson, CEO of Harrelson Group, which serves as the Fund Manager for Cascade Angels. “We are pleased to be making this investment.”
Sarah Iarussi, a technology executive and investor in Cascade Angels, said, “Having the chance to review and invest in a company like NemaMetrix is inspiring – they have a smart team and a new technology that works to solve some big challenges in research.”
Cascade Angels 2015 Fund grew to $725,000 this year, a 58% increase over 2014’s fund. The mission of the Cascade Angels Fund is to create statewide opportunities for investors and businesses in and with connections to Central Oregon to drive economic growth and fuel prosperity. Cascade Angels Fund is sponsored by Bank of the Cascades, Jones & Roth, Karnopp Petersen LLP, and Harrelson Group.
“Funds such as Cascade Angels are critical in supporting emergent companies across the state,” said Matt Beaudet, CEO of NemaMetrix. “The Cascade Angels investment is our first major angel investment, and we look forward to accelerating our growth and the impact of this important technology in the health research arena.”
Please see Cascade Angels website for additional information regarding its purpose, mission and goals www.cascadeangels.com.
*Membership in the Cascade Angels Fund 2015 is by referral and invitation only. Angel and venture investments involve a high degree of risk. Participation in the Cascade Angels Fund 2015 is limited to "accredited investors," as defined by the general rules and regulations of the Securities Act of 1933 and of the Securities and Exchange Commission AND to investors who have such knowledge and experience in financial and business matters that they are capable of evaluating the merits and risks of prospective investments.
This release is not an offer to sell or solicit investment in the Cascade Angels Fund 2015, its portfolio companies, or applying companies. The Cascade Angels Fund 2015 does not operate as a broker-dealer or investment adviser and is not registered as such with any federal or state securities regulator.