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Assay Depot Secures Financing to Expand Cloud-Based Pharmaceutical Research Platform

SAN DIEGO, June 7, 2011 --Assay Depot announced today that it raised $1.7 million from private investors. The funds will be used to expand the company’s cloud-based pharmaceutical research platform.

“We’ve brought together the capabilities of the most popular consumer websites to create a web-based research platform that helps scientists innovate,” said Kevin Lustig, President and CEO of Assay Depot. “Our mission is to empower scientists by giving them two capabilities: the ability to custom create and purchase any research service, and the ability to communicate with experts in any research area.”

Assay Depot’s research platform includes a public marketplace, a number of private marketplaces (aka Contract Research Exchanges or CRXs) and a Backoffice where vendors respond to requests and manage orders. The public marketplace was launched in 2008 and has since grown to include all research services needed to run a drug program from the initial concept to human clinical trials. The private marketplaces also include online tools that enable a pharmaceutical company to efficiently manage its worldwide network of internal and external research providers.

“We’ve taken the best features from Amazon, Yelp and Facebook and built a unique Web 2.0 platform for the pharmaceutical industry,” said Jack Giarraputo, a well-known Hollywood film producer and Assay Depot investor. “Making the drug research process dramatically more efficient could make the difference in our fight against cancer, Alzheimer’s and other diseases. This company can truly change the world.”

The Assay Depot platform is also a new and powerful way for research vendors to market their services to laboratory researchers, sourcing managers and procurement specialists.

“More than 540 research providers have already registered to be part of our rapidly growing vendor network,” said Corey Jacklin, Vice President of Business Development for Assay Depot. “We’ve made it easy for vendors to connect with researchers from around the globe.”

About Assay Depot

Assay Depot owns and operates a web-based platform that helps research scientists make breakthrough discoveries. The company is headquartered in San Diego with offices in Northern California and Pennsylvania.

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