December 29, 2015

Tangen Biosciences raises $2M in equity funding

A U.S. Securities Exchange Commission filing shows Branford-based Tangen Sciences has raised $2 million in equity and hopes to sell another $1 million.

To date, eight investors have purchased equity in the biotechnology company that is working on a better means of diagnosing tuberculosis around the world.

Connecticut Innovations approved a $150,000 investment in Tangen from its pre-seed fund in January 2014. (Tangen also received funding from a private angel investor.) Later that year, in December, the Connecticut Bioscience Innovation Fund made a $500,000 investment in the Tangen.

As of October 2015, the company has six full-time employees, according to Connecticut Innovations. The filing says proceeds of the offering may be used to pay the salaries of its executive officers in the ordinary course of business.

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