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Somalogic Closes $200M Financing Round

NEW YORK (GenomeWeb) – Somalogic said today it has closed a $200 million financing round.

The round was led by Chinese healthcare firm iCarbonX whose $161 million equity investment in Somalogic was announced last year. Nan Fung Life Sciences and Madryn Asset Management also invested in the round.

When the iCarbonX investment was announced, Somalogic noted it was shifting its commercial focus to the development of consumer wellness and diagnostics products. It reaffirmed the shift this week, saying in a statement that it plans to use the new financing to pursue its goal of becoming a "leading provider of precision digital health insights."

At the core of the company's strategy is its SomaScan platform, which consists of an array of its Somamer affinity reagents, and can measure up to 5,000 proteins in a single sample.

"We believe SomaLogic’s proteomics technology provides the basis for unique and differentiated insights into human health and disease, with broad implications for diagnosis and treatment," Avinash Amin, managing partner at Madryn Asset Management, said in a statement.

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