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Genizon Raises $10.6M in VC Debt Financing; Partner Illumina Ponies Up $3M

Mar 29, 2006

NEW YORK, March 29 (GenomeWeb News) - Genizon has raised CA$12.4 million ($10.6 million) in a first tranche of a secured convertible debenture financing, the company said today.

 

The company will use the cash to "substantially add to its inventory of GeneMaps and drug targets directly implicated in common diseases," John Hooper, president and CEO of Genizon, said in a statement.

 

Investors in the round include HBM Bioventures, Biofund Management, MVI Finance and Carnegie, as well as Genizon management, directors and employees, private investors, and partner Illumina, which ponieed up CA$3.5 million and certain warrants, according to an SEC filing today.

 

As GenomeWeb News reported earlier this year, Genizon will use Illumina's whole-genome genotyping platform for its disease-association research program.

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