Lineagen, Inc., a Salt Lake City, Utah-based molecular diagnostics company focused on complex, genetically linked disorders, completed a $3.5m series C round of financing.
The round, which included $2.6m in equity capital and $0.9m in convertible senior subordinated notes, was led by existing investors Signal Peak Ventures and Sanderling Ventures, with participation from current investors PrairieGold Venture Partners and Mesa Verde Venture Partners and new investors Archipel Capital, University Venture Fund, Hatteras Funds, and KickStart Seed Fund.
Lineagen also received multiple term sheets for multi-million dollar senior secured debt facilities, one of which it intends to close as part of this Series C financing. Additionally, the company the conversion of $12.6m in outstanding promissory notes into shares of Series B preferred stock.
Led by Chief Executive Officer Michael S. Paul, Ph.D., Lineagen provides physicians and patients with an integrated genetic testing, counseling, and developmental screening service to aid in the early diagnostic evaluation of individuals with autism spectrum disorders (ASDs) and other disorders of childhood development.