PathoGenetix Inc., a Woburn, Massachusetts-based developer of an automated system for the identification of pathogenic bacterial strains using proprietary Genome Sequence Scanning Technology, has raised $7.5m in the second closing of its Series B financing.
New investor Ascension Health Ventures, through its second fund, CHV II, L.P., participated in the funding, along with the existing investor group, which includes Excel Venture Management, CB Health Ventures, and HealthCare Ventures.
Along with the $4m raised in the first closing (read here), the Series B round now totals $11.5m.
The company intends to use the funds to develop and commercialize its Genome Sequence Scanning technology, which provides a broad platform for the rapid identification of bacterial strains in a wide range of settings. The technology enables simultaneous identification and characterization of thousands of bacterial strains in a single test in three hours. Applications include microbiome research, clinical diagnostics, antibiotic development, detection of bacterial contamination in food and pharmaceutical products, and biothreat detection. It was initially developed with more than $50m in support from the United States Departments of Defense and Homeland Security under their advanced biosensor programs.
The company is led by CEO John J. Canepa.
FinSMEs
01/11/2011
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