Lineagen, Inc., a Salt Lake City, Utah-based molecular diagnostics company focused on disorders of childhood development, closed the second and final tranche of its $15.8m Series C round of financing.
In 2013, it had raised the first tranche of $3.5m (read here).
The final tranche of $12.17m in new equity capital was led by new institutional investor HealthQuest Capital, with participation from new investors Petra Capital Partners and Mountain Group Partners. Additional participants in the overall Series C round included Sanderling Ventures, Signal Peak Ventures, PrairieGold Venture Partners, Mesa Verde Venture Partners, Archipel Capital, University Venture Fund, and KickStart Ventures. In conjunction with the funding, David S. Kabakoff, Ph.D., partner of HeathQuest Capital. and David Fitzgerald of Petra Capital joined Lineagen’s Board of Directors.
Additionally, as part of the initial tranche, the company had received a $4m secured debt facility with Silicon Valley Bank.
Lineagen will use the funds to continue to commercialize its FirstStepDx PLUS test, expand commercialization of NextStepDx PLUS, and apply its clinical research to a broader range of neurodevelopmental and neurological indications.”
Led by Michael S. Paul, Ph.D., Chief Executive Officer, the company offers FirstStepDx PLUS and NextStepDx PLUS, which provide physicians with an integrated genetic testing, counseling, and developmental screening service to aid in the diagnostic evaluation of individuals with ASD or other forms of developmental delay. In addition to ASD and developmental delay, it has ongoing scientific programs in the areas of multiple sclerosis (MS) and chronic obstructive pulmonary disease (COPD).