NEW YORK, June 18 - DNAPrint Genomics received a commitment for $2 million in additional funding to be paid over 12 months, the company said Monday.
The funding, from Sarasota, Fla.-based Tampa Bay Financial, a venture capital firm, will be paid out in monthly increments beginning July 15.
Last year, Tampa Bay Financial contributed $1 million to DNAPrint Genomics population genetics efforts, and brought the company public in July, 2000, through a reverse merger, said Craig Hall, the director of corporate analysis at the fund.
Tampa Bay Financial decided to fund the company again, Hall said, because DNAPrint Genomics, also of Sarasota, Fla., "has achieved their milestones," Hall told GenomeWeb. The company has written proprietary software that draws associations between patients' genetic make-up and their drug response, as well as built out the company's bioinformatics team.
The bioinformatics staff is made up of 14 people, Hall noted, with half having PhDs.
Hall said the $2 millon would be equivalent to approximately $166,000 per month over one year, and would match DNAPrint Genomics' burn rate. Hall also said that DNAPrint Genomics had secured an additional $600,000 in private placement funds.