NEW YORK, Oct. 10 – Galileo Genomics, a Montreal-based developer of gene discovery technology, has raised $16.5 million in a round of private financing.
Investissement Desjardins of Montreal was the lead investor, which other European venture capital firms, including BTF of the Netherlands and HBM BioVentures of Switzerland, also participated in the round.
Galileo said in an announcement released Wednesday that it would use the money to look for genes it believes are associated with 25 undisclosed diseases. The company said it would use some 50,000 people from Quebec’s founder population in their efforts to link genes with disease.
The founder population descended from a group of 2,600 people who arrived in Quebec from France in the seventeenth and eighteenth centuries.
The company, which is planning to donate three per cent of its net profits to a trust fund for the founder population, is also planning to step up efforts to develop its technology platform.