NEW YORK (GenomeWeb News) — High Throughput Genomics has pocketed $10 million in a first tranche of Series C financing, the Tucson, Ariz.-based company said yesterday.
HTG, which provides microplate-based gene expression assay technology and services to drug makers, said it will use the cash to expand research and product development efforts in the areas of molecular diagnostics and proteomics, and to build out its commercialization team.
HTG's qNPA technology is used in quantitative, multiplexed, gene-based drug-discovery programs, including target validation, high-throughput screening lead optimization, metabolism, toxicology, and clinical development.
According to the company, its ArrayPlate lysis-only qNPA platform enables scientists to test any sample, including fixed tissues, while avoiding the need for extraction or target amplification.
The financing came from three existing and one new venture capital investor. Leading the tranche was Merck Capital Ventures, with additional investments coming from Solstice Capital, Valley Ventures, and Arcturus Capital, a first-time stakeholder in HTG.
As part of the deal, Solstice Capital’s managing partner, Harry George, will become HTG’s chairman. George has been a member of HTG's board since 2002.