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Pacific Biosciences Nets $68M in New Financing

NEW YORK (GenomeWeb news) – Pacific Biosciences has raised $68 million in a round of financing from new and previous investors, bringing the total amount it has raised since the summer of 2008 to $188 million, the company said today.

The DNA sequencing technology developer plans to launch a commercial version of its single-molecule, real-time (SMRT) Sequencing System in the second half of 2010.

New investors joining this round of funding include the Wellcome Trust, Monsanto, and Sutter Hill Ventures.

The company's previous investors include Deerfield Management; Intel Capital; Morgan Stanley; Redmile Group; T. Rowe Price; Mohr Davidow Ventures; Kleiner Perkins Caufield and Byers; Alloy Ventures; Maverick Capital; AllianceBernstein; DAG Ventures; Teachers' Private Capital; and Blackstone Cleantech Venture Partners.

"The fact that we have been able to raise a total of $188 million since last summer, during a very difficult economic market, is further validation of our business and the promise of our disruptive technology platform," company CEO Hugh Martin said in a statement.

"We are excited to be part of investing in a new generation of DNA sequencing technology that has the power to unlock how inheritance and environmental factors affect human health," Bill Castell, who is chairman of the Board of Governors for the Wellcome Trust, added.

The Scan

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