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BioNano Genomics Raises $68.4M

NEW YORK (GenomeWeb) – BioNano Genomics said in a regulatory document that it raised $68.4 million in a financing round. 

A spokesperson for the San Diego-based genomic mapping company told GenomeWeb that the amount includes a total of $53 million that BioNano raised in its Series C financing round. The funding will be used to expand the firm's commercialization efforts, develop and launch a next-generation system, and establish BioNano's diagnostics roadmap, "including readiness of a cytogenetics assay," she said. 

Legend Capital and Novartis Venture Fund co-led the round and were joined by Federated Kaufmann Fund and Monashee Investment Management as new investors. Existing investors Domain Associates, Battelle Ventures and Gund Investment Corporation also participated.

The types of securities offered comprised equity and warrants to purchase BioNano's Series C preferred stocks.

BioNano's solution, called the Irys system, provides information about the location, order, and orientation of functionally relevant components of the genome, such as the size and location of long repeats and integration sites. The company spokesperson said that 32 institutions in the US, Europe, and Asia-Pacific region have adopted 34 Irys systems. BioNano plans to deploy the system into the clinical space in the future, she said. 

At the JP Morgan Healthcare Conference earlier this month, BioNano CEO Erik Holmlin said that the company will start preparing an entry into the clinical space with diagnostic assays for use on Irys in 2015.