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NEW  YORK, Nov. 7 – Glycominds of Israel has raised $7.1 million in a private financing round, the company said.

The company, which is developing technologies for analyzing the interactions between complex carbohydrates, or glycans, received the funding from Israel's Millennium Materials Technologies Fund, Schott Glas, a German manufacturer of special materials, and other undisclosed venture capital funds.

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Bloomberg reports that the DNA-for-cash deal reported in Kentucky might be a more widespread scam.

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