NEW YORK (GenomeWeb News) – Fetal chromosomal abnormality test developer Verinata Health today announced it has raised about $46.5 million toward a Series C financing round that is expected to bring in a total of $48.5 million.
The San Carlos, Calif.-based company added that it expects to raise the remaining $2 million and close the round on Aug. 31.
The funds will be used to continue R&D on a non-invasive prenatal diagnostic test and subsequently commercialize it. The company's technology is based on DNA-based research at Stanford University, and Verinata is developing a sequencing-based approach to identify chromosomal aneuploidies across the entire genome, it said on its website.
Using optimized algorithms, the company analyzes DNA sequencing data to identify fetal chromosomal abnormalities, including trisomy 21 and trisomy 18. The company is evaluating the accuracy of its methods through a multi-site, blinded study with research and clinical institutions, it added.
In a statement today, Caren Mason, CEO of Verinata, said that the company expects to complete its validation study by the end of the year in preparation of a launch of the diagnostic test during the first quarter of 2012.
The current funding round was led by existing investors Mohr Davidow Ventures, Sutter Hill Ventures, and Alloy Ventures.