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Genetic Test Firm VitaPath Raises $5M

NEW YORK (GenomeWeb News) – Genetic testing firm VitaPath Genetics has raised about $5 million toward a financing round targeting $7.3 million, it said in a regulatory document recently.

In a Form D filed with the US Securities and Exchange Commission, the Foster City, Calif.-based company did not disclose how the proceeds would be used or the investors. Among the names listed as related persons are Dennis Gilbert, VitaPath's CEO, who formerly was a chief scientific officer and VP of research at Applied Biosystems; Richard Taylor, its CFO; and Rowan Chapman, a partner in venture capital firm Mohr Davidow and a VitaPath board member.

The types of securities being offered, VitaPath said, are in the form of equity as well as preferred stock which will be converted into common stock.

The company is developing genetic tests to reduce the risk of life-threatening diseases, according to its website. Its first product is a test for identifying risk factors associated with Spina bifida. Last year it inked a licensing deal providing Alere marketing rights for the test.

VitaPath raised $6 million in a round of private financing in September 2009.

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