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ProGenTech Grabs $21M in Venture Financing from US, China Investors

NEW YORK (GenomeWeb News) – ProGenTech said today it has raised $21 million in a round of Series C financing led by Bay City Capital of San Francisco and DT Capital of Shanghai. 
 
ProGenTech, which makes an automated nucleic acid extraction and purification system, has headquarters in Emeryville, Calif., and in Shanghai.
 
The company also said that it has appointed Trevor Hawkins to be chairman and CEO of the company. Hawkins worked on the development of a magnetic bead technology used by several biotech companies. He formerly was CEO of Philips Molecular Healthcare and was an executive at GE and at MDS. Hawkins also was the director of the US Department of Energy’s Joint Genome Institute when it was working on sequencing the human genome.
 
Earlier financing for ProGenTech came from angel investors. The Series C funding marks the first round of financing from institutional venture capital firms.

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