NEW YORK (GenomeWeb News) – Genalyte today announced the completion of a Series B financing that raised $11.8 million.
The funds will primarily go toward commercializing its Maverick platform and highly multiplexed panels for autoimmune and immunoassay applications, the company said.
Maverick uses a technology called silicon photonics to directly measure protein binding between antibodies and antigens for hybridization of nucleic acids, eliminating the need for complex processing associated with current multiplexed testing. Assays do not have to be washed or incubated and do not require reagents or other processing steps that are typical of sample preparation, the San Diego-based firm said. Results can be achieved in 15 minutes, it added.
Genalyte aims to launch Maverick during the summer with an initial focus on the autoimmunity research and testing markets.
"This new financing provides us with the resources to launch the platform in the coming months and to begin to populate it with a wide variety of proprietary assays for multiple applications," Genalyte Founder and CEO Cary Gunn said in a statement.
New investors Redmile Group and Claremont Creek Ventures participated in the round along with private investors from Genalyte's Series A financing round.