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Julie Dennehy - 508-533-8311
Woburn, MA, February 16, 2005 -- Repromedix has received $2.2 million in venture funding from Ironwood Capital and a group of additional investors. The funding is an extension of a $1.1 million debut round from Brook Venture Partners initiated in 2004. Woburn, MA-based Repromedix is the leading national laboratory specializing in advanced reproductive testing.
Boston-based Ironwood Capital was the lead investor, providing $2 million in funding through its Ironwood Equity Fund LP. Managing Director Josh Tolkoff said Ironwood invested in Repromedix for several key reasons. “Reproductive medicine is a growing field, and the demographic trends indicate that the demand for Repromedix’s services will only increase,” said Tolkoff. “Over the last 10 years, Repromedix has experienced tremendous growth and achieved a leadership position in the esoteric infertility testing space—an impressive track record given that the company has had no outside investment to this point,” said Tolkoff, “Ironwood has deep expertise in healthcare and expects to leverage that knowledge for the benefit of Repromedix.” Tolkoff has joined the board of Repromedix as a Director.
Repromedix Founder and CEO Craig Sockol said the company will use the venture money to continue its development and acquisition of new diagnostic technologies, to boost sales and marketing initiatives, and expand its Woburn facility. “Since receiving our first funding in 2004, Repromedix has added 15 employees, launched several new tests, and grew revenues by 40 percent,” noted Sockol. “We look forward to continuing our upward trend with the assistance of the new funding.”
In addition to Ironwood Capital, investors in this funding extension include Brook Venture Partners and Mass. Business Development Corporation,.
About Repromedix
Repromedix is the leading national laboratory specializing in advanced reproductive testing. By taking an interdisciplinary approach to clinical testing, the company helps doctors find solutions to their most difficult cases of female and male infertility, recurrent pregnancy loss, and high-risk pregnancy.
The company, based in Woburn, MA, was founded in 1994 by CEO Craig Sockol. It serves physicians and their patients throughout the United States and Canada.