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Oklahoma City-based Moleculera Labs Inc, which tests for autoimmune neurologic onditions in children and adults, has raised $1.06 million in funding. The lead investor was i2E Inc with participation from other investors that included SeedStep Angels.
i2E, Inc., recently led a $1.06 million investment in Oklahoma City-based Moleculera Labs, Inc., through its Accelerate Oklahoma! Fund. The funding of $530,000 from i2E was half of the investment round, which also included $225,000 from the SeedStep Angels, along with other investors.
Moleculera Labs has developed a series of tests, the Cunningham Panel, which predicts a patient’s likelihood having Pediatric Autoimmune Neuropsychiatric Disorder Associated with Streptococci (PANDAS). PANDAS are treatable neurologic conditions that may be associated with motor tics and obsessive compulsive disorders (OCD), which are often associated with Autism Spectrum Disorders.
“We are grateful for the overwhelming support of our mission to help identify and diagnose children with treatable neuropsychiatric conditions,” said Dr. Craig Shimasaki, co-founder and Chief Executive Officer. “This additional capital will help us to reach out and educate more physicians, expand our development to other treatable neuropsychiatric disorders, and increase our testing capacity in our CLIA laboratory.”
i2E investments have helped the development of the company along the way, including an i2E-led investment round in 2013 of $1.84 million.
“i2E has been integral in our establishment, growth and development as a company,” Shimasaki said. “I am pleased and grateful to have them as a partner.”
As a part of the federal States Small Business Credit Initiative (SSBCI), this U.S. Treasury funded Accelerate Oklahoma! initiative offers funds that provide critical capital and co-investment for Oklahoma entrepreneurs at specific stages of their companies’ lifecycles. Investment terms are typically convertible debt or preferred equity and involve a rigorous due diligence process. The Accelerate Oklahoma! Program is designed to: invest in innovative startup companies that promise sustained revenue and increased employment; accelerate emerging growth businesses that show potential for bringing new products to market and increasing private capital investment in Oklahoma; and fund later stage companies that need capital to position them for expansion at the time of commitment.
The SeedStep Angels group was founded by i2E in 2009 and is now the state’s largest angel investment group with more than 40 members and chapters in Oklahoma City, Tulsa, Ardmore and Muskogee.
About Moleculera Labs: The company was established in 2011 by co-founder, President and CEO, Dr. Craig Shimasaki through an exclusive license from the University of Oklahoma. Moleculera Labs is a fully-accredited CLIA/COLA clinical laboratory testing for treatable autoimmune neurologic conditions in children and adults. Currently, no other tests identify this condition that aids physicians in their diagnosis of children suffering from PANDAS/PANS. Additional research is directed toward the autoimmune nature of other neuropsychiatric conditions.
About i2E, Inc.: With offices in Oklahoma City and Tulsa, OK, i2E’s nationally recognized services include business expertise and funding for Oklahoma’s emerging small businesses