NEW YORK, April 4 – US Genomics of Woburn, Mass., said Wednesday it has raised $17 million in private financing, which will be used to develop the company’s DNA analysis technology.
HealthCare Ventures and existing investors, including CB Health Ventures and Still River Fund, contributed to the financing round. Augustine Lawlor, general partner at HealthCare Ventures, also joined US Genomics’ board of directors.
"US Genomics has created a powerful, fundamental new technology that carries the potential of enabling commercial applications of genetics analysis across a broad range of industries," Lawlor said in a statement.
US Genomics said its technology, which is designed to generate haplotype data, allows researchers to read long stretches of genetic sequence data in a direct, linear fashion. The company plans to eventually use the technology to read whole genomes and to apply it to drug discovery and diagnostics.
A company spokesman was not immediately available to explain how the technology works.