Alamar Biosciences Secures Over $50 Million in Convertible Debt Financing

Alamar Biosciences Announces Significant Financing and Leadership Expansion

Alamar Biosciences, Inc., widely recognized for its leadership in precision proteomics aimed at early disease detection, recently made headlines by securing an impressive over $50 million in convertible debt financing. This financing round exceeded expectations by surpassing the initial subscription limit, signifying strong investor confidence in the company's future. New investors, including T. Rowe Price Investment Management, Inc. and Braidwell LP, joined existing stakeholders such as Illumina Ventures and Sands Capital.

This infusion of capital is intended to bolster the further commercialization of Alamar's cutting-edge precision proteomics platform, a pivotal advancement in medical diagnostics. Dr. Yuling Luo, the founder and CEO of Alamar, expressed gratitude for the unwavering support from existing investors and welcomed new partners, noting that their commitment underscores the transformational potential of Alamar's mission. "These investments will enable us to accelerate innovations and continue to expand our platform's outreach, unlocking the full potential of precision medicine and early disease detection," he stated.

Leadership Team Expansion

In addition to securing funding, Alamar announced strategic appointments to its executive leadership and board of directors to facilitate ongoing growth and operational excellence. The company has appointed Dr. Stephen Williams as its Chief Scientific Officer (CSO). Dr. Williams brings over 30 years of experience in precision medicine and innovative biomarker development. He previously held the position of Chief Medical Officer at Standard BioTools and SomaLogic, as well as spending 18 years in key roles at Pfizer. His prominence in the scientific community has been well recognized, having served on the National Advisory Council for NIH focused on biomedical imaging and bioengineering.

Furthermore, the company has strengthened its board by including Rebecca Chambers, the Chief Financial Officer of Veracyte, and Dr. Frank Witney, an operational partner at Ampersand Capital Partners. Chambers possesses extensive expertise in finance and medical leadership from her experiences at notable firms like Outset Medical and Illumina. Dr. Witney brings more than three decades of management experience in the life sciences sector, previously serving as president and CEO of Affymetrix and Dionex Corporation.

In making announcements regarding these new appointments, Dr. Luo remarked, "I am thrilled to welcome Steve to our leadership team and Rebecca and Frank to our board. Their deep expertise and diverse perspectives will be invaluable in driving our mission forward—to harness the power of our precision proteomics platform to make a significant impact on healthcare and disease diagnostics. This is an exciting moment for Alamar, and we look forward to the influence that our leadership team will have on fostering innovation and growth."

About Alamar Biosciences, Inc.

Alamar Biosciences is a pioneering private biomedical company dedicated to empowering the usage of precision proteomics for early disease diagnostics. Utilizing their proprietary NULISA™ technology and ARGO™ HT system, Alamar aims to provide ultra-high sensitivity and overcome existing technology limitations, fostering significant advancements in precision medicine. To learn more about the innovative work being done at Alamar, visit alamarbio.com.