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Lineagen Closes $15.8M Series C Financing Round

NEW YORK (GenomeWeb) – Molecular diagnostics firm Lineagen today announced the close of the second and final tranche of its Series C financing round that brought in a total of $15.8 million. 

The second tranche raised about $12.2 million and follows a $3.5 million first tranche that the Salt Lake City-based firm raised in December 2013. Lineagen said that it also received a $4 million secured debt facility with Silicon Valley Bank as part of the initial tranche.

Lineagen CEO Michael Paul said in a statement that the financing will be used to increase adoption of the company's chromosomal microarray test, FirstStepDx Plus, and sequencing-based test NextStepDx Plus. Both are diagnostic tests for autism spectrum disorder, developmental delay, and other childhood developmental disorders. 

The new funding will also enable the firm to "apply [its] clinical research to a broader range of neurodevelopmental and neurological indications," Paul said. 

New investor HealthQuest Capital led the second tranche and was joined by new investors Petra Capital Partners and Mountain Group Partners. Existing investors Sanderling Ventures, Signal Peak Ventures PrairieGold Venture Partners, Mesa Verde Venture Partners, Archipel Capital, University Venture Fund, and KickStart Ventures also participated. 

In conjunction with the financing, David Kabakoff, a partner in HealthQuest, and David Fitzgerald of Petra Capital have joined Lineagen's board, the company said. 

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