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Boulder's InDevR announces spinoff business ViroCyt, LLC

InDevR Inc., a Boulder-based company that develops instruments and assays for microbiological analysis, announced Tuesday that it spun off a business to further expand the commercial market for its Virus Counter technology.

Headquartered in Denver, the spinoff ViroCyt LLC commenced operations with seven employees -- three from InDevR -- and more than $3 million in investment capital in a round led by Boulder-based High Country Venture, said Michael Artinger, a former InDevR executive who now is ViroCyt's vice president of marketing and strategic partnering.

The money will be put toward expanding a North American direct sales force and a network of distributors globally, officials said.

Heading up ViroCyt as its president and chief executive officer is Robert Kline, who founded and led Medivance, the Louisville-based firm that developed products to control core body temperature after trauma. C.R. Bard acquired Medivance in 2011.

"Within the life science research, pharmaceutical and vaccine markets, there is a large and growing need for rapid quantification of viruses, so I am excited to be part of the formation of ViroCyt," Kline said in a statement. "The Virus Counter represents breakthrough technology in this important field and the early customer acceptance has exceeded all expectations."

The Virus Counter is designed to measure the concentration of virus particles -- including viruses such as the flu, rubella and dengue -- in fewer than 10 minutes.

The products current user base includes vaccine companies, government research institutions and universities, officials said.

It wasn't immediately clear what type of ownership stake InDevR has in the spinoff.

Securities and Exchange Commission filings made in November 2012 show that two offerings were made: one consisting of equity and Series A stock for $3.5 million and another consisting of equity and Series B stock for approximately $2.6 million.

Kathy Rowlen, InDevR's CEO and co-founder, was listed as a director of ViroCyt.

When reached by e-mail Tuesday, Rowlen said the spinoff would allow InDevR to direct its attention to developing new technologies.

"We are focused on several additional products that will help make vaccines more affordable and more widely available," she wrote. "Those products include new tools for influenza surveillance around the world and break through technology for ensuring vaccine quality."

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