NEW YORK, Jan. 21 - High Throughput Genomics on Monday said it has collected $1.25M in a Series A round of private-equity financing.
The Tucson, Ariz.-based startup said it will spend the cash, put up by investment firms Solstice Capital and Tucson Ventures, to help deploy its Multiplexed Molecular Profiling high-throughput-analysis technology. That technology analyses DNA, mRNA, and protein expression in drug discovery, development, and diagnostics applications, according to High Throughput Genomics.
"The investment will enable HTG to more effectively market its technology to the pharmaceutical research and diagnostics industry, develop and introduce additional products, and also allow HTG to expand its own efforts in drug discovery and diagnostics in collaboration with the Arizona Cancer Center and other leading groups in academia and industry," Bruce Seligmann, founder and chief executive officer of HTG, said in a statement.
Larry Aldrich, co-managing director and founder of Tucson Ventures, said in the statement: "Our investment in HTG ... demonstrates our belief that biotechnology will be a major industry in Tucson and Arizona over the next decade." The financing represents Tucson Ventures' maiden investment, he said.
Jim Thornton, another of Tucson Ventures' co-managing directors added that the investment meant to "underscore how the areas of genomics and proteomics can become key economic drivers for the local and state economy [in Phoenix] over the next decade."