NEW YORK (GenomeWeb News) – The Parisian genomic testing company Genomic Vision said today that it has raised €4 million ($6.3 million) in a round of Series B financing from one new and one previous investor.
The new backer, Vesalius BioCapital, joined Society Generale Asset Management Alternative Investments in providing the funding.
Genomic Vision uses a technology called Molecular Combing for direct visualization of single molecules to detect qualitative and quantitative changes in the genomic landscape. The company exclusively licensed the technology from the Pasteur Institute.
The company said it plans to use the funds to expand its in-house R&D programs and automation, and to strengthen its ongoing collaborative programs with partners.
“This support from our investors will help us to develop our products and services more quickly and enable us to take advantage of growing market opportunities," Genomic Vision President, CEO, and Founder Aaron Bensimon said in a statement.
"We believe very strongly that [Genomic Vision’s] genomic tests will be useful for cancers, genetic diseases, viral diseases and many other applications with wide potential markets,” SGAM AI Bioconvergence Team Managing Partner Jean-Yves Nothias said in a statement.
The company said it is focused on three areas: biomarker-based diagnostics for identifying and managing disease; testing drug compounds by studying DNA replication in cancer cells; and developing drug response biomarkers.