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Galileo Genomics Raises $CA11.15 Million in Additional Equity Funding

NEW YORK, Jan.7 (GenomeWeb News) - Galileo Genomics has raised $CA11.15 million ($8.66 million) in additional equity funding, the company said today.


The December funding round includes new investor Carnegie Fund II of Stockholm, as well as existing investors HBM BioVentures of Zurich, MVI of Geneva, and Biofund of Helsinki.


This funding is in addition to $CA7.7 million the company raised last February.


Galileo, based in Montreal, plans to use the additional cash to identify genes associated with common and economically important diseases in the Quebec Founder Population using its chromozoom technology. Moreover, it wants to generate revenues from pharmacogenomics contracts.


Galileo focuses on analyzing DNA from the Quebec Founder Population, which it considers ideal for linkage disequilibrium-based genome-wide scans because of its low genetic variability and extensive genetic sharing.


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