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Biotech Firm NABsys Shuts Down After 10 Years

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Providence-based biotech company NABsys has shut down after nearly 10 years in operation. Early investments came from a state-backed technology fund and...

Providence-based biotech company NABsys has shut down after nearly 10 years in operation. 

 Early investments came from a state-backed technology fund and Point Judith Capital, a company Gov. Gina Raimondo once ran. 

Richard Horan, head of the state-backed Slater Technology Fund, describes the biotechnology industry like a batting average in baseball.

“You tend to strike out more often than you hit singles, doubles, triples, or home runs.”

Slater invested about a million dollars in NABsys several years ago. Point Judith Capital provided more seed money. The company went on to raise nearly $50 million dollars and hire 50 employees to develop a cheaper, faster way to analyze DNA sequences. But Horan says NABsys struggled to raise the money it takes to bring a technology like this to market. While that’s not unusual in biotech, it’s a blow to NABsys employees and the state’s sluggish economy.

NABsys officials could not be reached for comment. 

NABsys was working on an approach to sequencing DNA that used semiconductor tools to make the process easier, faster, cheaper, and more accurate.
NABsys was working on an approach to sequencing DNA that used semiconductor tools to make the process easier, faster, cheaper, and more accurate.