Pacific Biosciences Receives $50M Strategic Investment in Series F Round
Published On June 21, 2010 |
Pacific Biosciences, a Menlo Park, CA-based private sequencing company, has received a $50m strategic investment from Gen-Probe Incorporated (Nasdaq: GPRO).
The investment is part of a larger Series F private round raised by the company, whose SMRT DNA sequencing is expected to enable the observation of natural DNA synthesis by a DNA polymerase as it occurs.
The approach is based on eavesdropping on a single DNA polymerase molecule working in a continuous, processive manner.
The two companies will also work together to explore co-development of new integrated clinical diagnostics systems based on Pacific Biosciences’ Single Molecule Real Time (SMRT(TM)) platform and Gen-Probe’s expertise in diagnostics.
They will initially collaborate on an exclusive basis for up to 30 months, with the goal of developing a longer-term, preferred business relationship aimed toward improving the diagnosis of human diseases. The companies can also purchase certain of each others’ products on preferential terms.
Pacific Biosciences also received grants totaling more than $1.9m from the National Institutes of Health (NIH) in September 2009.