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Medomics Raises Funds to Grow its Sequencing-Based Tests for Mitochondrial Disease

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Medomics has received an investment of an undisclosed amount from SpaGus Ventures to "fuel the continued growth" of its sequencing-based tests for mitochondrial disease diagnosis, the company said last week.

Additionally, Medomics has hired SpaGus president Gary Augusta as chief operating officer. Augusta will also join the Medomics board and lead the company's corporate development initiatives.

The financing marks SpaGus' second investment in privately held Medomics.

Medomics currently has two next-gen sequencing based diagnostic tests on the market — MitoDx and MitoNucleomeDx — both of which are based on Life Technologies' SOLiD system. According to the company, its tests "have produced over $2 million in sales over a few months of limited release in the market."

MitoDx comprises three different tests: The MIT-A test, which sequences 13 protein-coding genes within the mitochondrial DNA that are known to be associated with mitochondrial disease; the MIT-B test, which sequences 22 tRNAs and two ribosomal RNA control regions; and the MIT-C test, which sequences all of the mitochondrial DNA, and is done in conjunction with either the MIT-A or MIT-B test. Turnaround time is three months.

The MitoNucelomeDx test sequences around 300 nuclear genes responsible for mitochondrial function and energy metabolism, with a turnaround time of four months.

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