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Sequence Bio Raises $1.6M in Equity

NEW YORK (GenomeWeb) – Sequence Bioinformatics has raised $1.6 million in equity financing, according to a Form D the company filed with the US Securities and Exchange Commission last month.

The Newfoundland, Canada-based firm also raised C$1 million ($775,000) last year from Killick Capital, Pelorus Venture Capital, and Klister Credit. It did not specify the reason for the current financing or what it plans to do with the proceeds.

Sequence Bio also said today that it has signed a master license agreement with Memorial University of Newfoundland. This agreement gives the company use of the institution's existing data sets and samples for drug discovery research. Furthermore, Sequence Bio said it will use the data and samples licensed under this agreement as part of its precision medicine initiative, an ongoing effort to gather genomic and phenotypic information from 100,000 consenting participants in the Newfoundland and Labrador province. The project seeks to improve patient care, enable scientific discovery, and stimulate investment and economic growth in the province.

The partnership will build on the value created by Memorial University and will return significant benefits to the research and patient communities in the area, the company said. "[It] will help kickstart our discovery efforts and will lead to insights that help understand and treat some of the many genetic diseases prevalent in Newfoundland and Labrador," CEO Tyler Wish said in a statement.

Financial and other terms of the agreement were not disclosed.