NEW YORK (GenomeWeb News) – Population Genetics Technologies said today that it has secured a £2,000,000 ($3.2 million) investment from previous investors in the privately held genomics analysis technologies firm.
The company said it earned this second tranche of the Series A funding by meeting certain commercial and developmental milestones set by its principal investors.
The Cambridge, UK-based firm's initial seed funding came from the Wellcome Trust, and its Series A investors include Auriga Partners, Beringea, and Compass Genetics Investors.
PGT said it has developed technologies that will "dramatically reduce the costs of performing large-scale population studies" and will "allow the detection and characterization of rare allelic variations in disease phenotypes."
"This latest round of investment will allow us to not only progress our development activities but also to begin pre-commercial investigations of the various markets, business models and partners where our technologies can add value," PGT CEO Mel Kronick said in a statement.
Among PGT's founders are Nobel Laureate Sydney Brenner, Applied Biosystems and Lynx Therapeutics Co-founder Sam Eletr, and Molecular Tool and Red Abbey Ventures Founder Philip Goelet.