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US Genomics Secures $25M Financing

NEW YORK, May 7 - US Genomics of Woburn, Mass., announced today that it has raised $25 million in financing led by Fidelity Biosciences Group of Boston, an affiliate of financial giant Fidelity Investments.


New investors in the round include Zero Stage Capital of Cambridge, Mass., and China Development Industrial Bank of Taiwan, joining previous investors HealthCare Ventures of Princeton, NJ, and CB Health Ventures of Boston.


With the financing, the company is expanding its board of directors, which includes Craig Venter, to seven members with Mark Peterson, president of Fidelity Biosciences, and Ben Bronstein, managing director of Zero Stage Capital, taking seats on the board while Ian Chang, formerly the company's chief financial officer, leaves the firm, to pursue other interests, a US Genomics spokeswoman told GenomeWeb.


Founded in January 1998, the company previously had taken in $19.3 million in three rounds of venture capital investment.