NEW YORK (GenomeWeb News) – PathoGenetix, formerly called US Genomics, announced today the first closing of its Series B financing round, raising $4 million.
The Woburn, Mass.-based company added that it has received $9.5 million in commitments from investors for the round.
The funds will be used to complete development of PathoGenetix's first commercial systems for identifying pathogens in complex biological samples using its Genome Sequence Scanning technology.
The funding, said John Canepa, CEO of PathoGenetix, will allow the company to "enter the rapidly growing research market for microbiome analysis, and advance the development of applications for food and product safety and clinical diagnostics."
The Genome Sequence Scanning technology was initially developed with more than $50 million from the US Department of Defense and the US Department of Homeland Security under their advanced biosensor programs.
The technology "extracts genomic barcodes from microbial DNA as it flows through a microfluidic chip at 150 million base pairs per second," PathoGenetix said in a statement. It added that complex clinical specimens can be scanned to identify thousands of pathogenic strains in less time and more inexpensively than with current technologies.
According to PathoGenetix, potential applications for the technology include the acceleration of disease diagnosis and improvement of antibiotic treatment; streamlining of clinical trials; and reduction of time for the detection and source tracking of life-threatening food-borne pathogens from weeks to hours.
Investors included Excel Venture Management, which led the round, CB Health Ventures, HealthCare Ventures, and others who also participated in PathoGenetix's Series A round in late 2010.