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Lab21 Raises $3.2M in Private Round of Financing

NEW YORK (GenomeWeb News) – Diagnostics products and services firm Lab21 today said that it has raised £2.2 million ($3.2 million) from a round of financing with private equity investors.
The Cambridge, UK-based firm, which has diagnostics products and services focused on infectious diseases, oncology, and pharmacogenetics, said it would use the funds to further its acquisition plan and to establish its US operations in South Carolina with an eye toward expanding its North American presence.
Boston-based Nexus Medical Partners and UK-based Rowan Dartington participated in the round and join Merlin Biosciences and Kreos Capital as shareholders. As part of the investment, Ed Snape, co-founder and head of the healthcare practice for Nexus, will join the board of Lab21.
Lab21 expects to complete two acquisitions in Europe in the first half of 2009.
Among the firm’s diagnostic services offerings are molecular tests for cytochrome P450 and DxS’ KRAS assay.

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