Mission News Management Advisory Board

MolecularWare Announces $2.5 Million Financing; Financing led by Aspen Investment Group

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Aug. 1, 2001-- MolecularWare Inc., a bioinformatics company, announced today that it has closed on a "Series A" $2.5 million financing from several funding sources, led by the Aspen Investment Group with offices in the U.S. and Europe.
      MolecularWare will use these proceeds to continue the commercialization of its DigitalGENOME(TM) suite of software products that streamline the capture and analysis of mission-critical data from high-throughput research platforms. The company will also continue to develop next-generation software.
      "This capital enables the acceleration of product enhancement and development, along with the acquisition of additional customers and key personnel," said Richard P. Kivel, chief executive office of MolecularWare. "We are confident that, with the impressive customer list that we have assembled to date, including the Whitehead Institute at MIT, the prestigious Riken University for Genome Research in Japan, and the University of Tskuba, our DigitalGENOME software will soon become a must-have tool in research laboratories around the world."
      DigitalGENOME enables effective management of the staggering flow of information from genomics- and proteomics-related research. This breakthrough software allows scientists to receive massive quantities of data from various heterogeneous high-throughput instruments (such as liquid handling robots, microarraying robots, and microarray scanners) that have traditionally been next-to-impossible to capture automatically.
      MolecularWare was founded to create a new bioinformatics standard that effectively manages the transition of large amounts of information. The Company's mission is to create software that forges an easy-to-access link between the biotechnology researchers and the data generated from complex experiments taking place around the world. Drug-discovery research is an important lead market for the Company's products due to aggressive adoption of cutting-edge automated research. MolecularWare's software will make the subsequent integration of workflow management and knowledge management possible in the advancing new era of molecular medicine, where the objective is to have the ability to transform vast amounts of information into diagnostic strategies that predict and prevent disease.
      MolecularWare is actively building multiple distribution channels and selling its products through hardware vendors to accelerate market penetration of its DigitalGENOME(TM) suite of products. In 1999, the Company was the recipient of the prestigious "MIT $50K Entrepreneurship Competition Award." The Company's investors include the venture-capital firm Aspen Investment Group.

MolecularWare Inc.
Richard P. Kivel, CEO