Tangen Biosciences Raises $2M in Equity Funding

A U.S. Securities Exchange Commission filing shows Branford-based Tangen Biosciences, Inc. 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 the 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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