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Genalyte Raises $44M in Series C Financing

NEW YORK (GenomeWeb) – San Diego-based diagnostics firm Genalyte today announced it has completed a $44M Series C financing round.

Khosla Ventures joined previous investors Redmile Group, Claremont Creek Ventures, and BioMed Ventures in the round.

Genalyte's CE-marked Maverick Detection System is intended for multiplexed, blood-based, point-of-care diagnostic testing. The firm said in a statement that it can provide results in 15 minutes. The platform is for research use only in the US.

"Our technology allows us to eliminate a number of inefficiencies from the system, such as the secondary appointment to have blood drawn, the large quantity of blood required, the long wait for results, and the game of phone tag you play with your doctor when results finally do arrive," Genalyte CEO Cary Gunn said in a statement.

In 2012, Genalyte raised $11.8 million in Series B financing. In 2013, the firm landed a $1 million Small Business Innovation Research grant from the National Cancer Institute to develop a biomarker panel for tumor antigen-associated antibodies.