Genomics Firm Nabsys Completes Financial Restructuring and Reinstates Technical Leadership Team

News provided by

Mar 31, 2016, 08:00 ET

PROVIDENCE, R.I., March 31, 2016 /PRNewswire/ -- Genomics firm Nabsys has completed a financial restructuring under the leadership of founding CEO, Barrett Bready, M.D., who returned to the company in October 2015. In addition, members of the original technical leadership team, including Chief Technology Officer, John Oliver, Ph.D., Executive Vice President of Product Development, Steve Nurnberg and Vice President of Software and Informatics, Michael Kaiser have returned to the company.

Dr. Bready served as CEO of Nabsys from 2005-2014 and raised $50 million to develop the company's high definition electronic DNA mapping platform. In early 2015, under different leadership, the company pivoted to a different and ultimately unsuccessful technical approach. Dr. Bready returned to Nabsys in October 2015, recruited back the technical leadership team and has re-focused the company on its core technology.

Nabsys has developed semiconductor-based nanodetectors to analyze very long DNA molecules electronically, at high velocity and with much greater resolution than offered by optical approaches. This technology allows researchers, and will ultimately allow clinicians, to draw conclusions about DNA that would be difficult or impossible with other technologies.

"I'm grateful that all members of our technical leadership team have returned to Nabsys in recent months," said Bready. "The fact that we were able to get the team organized so quickly meant that very little time was lost during this transition period. The past six months have been the most productive in the company's history."

John Oliver, Ph.D., added, "The Nabsys platform is incredibly powerful when applied to the right challenges and has an unprecedented ability to scale. We are excited to once again be exploring the potential of this technology as a team and anticipate sharing our progress in the near future."

About Nabsys
Nabsys develops semiconductor-based tools for genomic analysis. The company has pioneered the technology of electronic mapping which is capable of analyzing entire genomes, in very large fragments (100,000 bp and higher) traveling at high velocity (greater than 1 million base pairs per second). Nabsys was the first company to receive a "1000 Genome" award from the National Human Genome Research Institute of the National Institutes of Health for an electronic approach to DNA analysis.

SOURCE Nabsys