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First Genetic Trust Closing on $5.5 Million Series C Financing

NEW YORK, Sept. 24 (GenomeWeb News) -- First Genetic Trust today announced the closing of a $5.5 million Series C round of financing.


The venture capital firms of Venrock Associates of New York and ARCH Venture Partners of Chicago led the funding for the Deefield, Ill.-based information technology firm that offers security products and services for genetic data. Additional investors include Cooper Hill Partners of New York, a healthcare investor, and the development and services firm, Quintiles Transnational of Durham, NC.


First Genetic Trust took a $15.6 million first round of financing on Sept. 30, 2000, and followed with a $12.2 million round in February 2001.


The funds raised will support further commercialization of the Company's enTRUST genetic study and banking technology into the pharmaceutical, academic and government markets, First Genetic Trust said in a statement.

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