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Oxford Nanopore Raises $50.8M from Existing Investors

NEW YORK (GenomeWeb News) – Oxford Nanopore Technologies has raised £31.4 million ($50.8 million) in a private placement of ordinary shares, the company said today.

The new funding comes almost entirely from existing investors and brings the total amount the company has raised since its inception to £105.4 million.

Oxford Nano plans to use the money to build a commercial infrastructure, expand its manufacturing capabilities, support further R&D for DNA and RNA sequencing as well as protein and miRNA analysis applications, and for other corporate development activities.

In addition, it plans to expand its intellectual property portfolio, which currently comprises more than 350 patents or patent applications relating to nanopore sensing.

Oxford Nano's existing investors include Illumina, which funded the company with $18 million in 2009; Lansdowne Partners; Invesco Perpetual; IP Group, a university technology commercialization firm; and a number of unnamed institutional and private UK- and US-based investors.

A company representative declined to disclose the names of the existing investors who participated in the latest round.

She said that microRNA analysis is a new potential application for the company's nanopore platform that it mentioned on a poster at the Advances in Genome Biology and Technology meeting in February but has not discussed in detail yet.

Oxford Nano is in the midst of commercializing a nanopore-based DNA strand sequencing technology. As reported by GenomeWeb Daily News sister publication In Sequence, the company said at AGBT that it plans to bring two sequencing platforms to market this year.