NEW YORK (GenomeWeb) – Paragon Genomics said today it has closed an $8 million Series A financing round.
According to Paragon CEO Tao Chen, the company plans to use the funds to develop next-generation sequencing assays in the oncology and precision medicine space, and expand its US commercial team. He added that the firm's CleanPlex 2.5-hour multiplex PCR target-enrichment workflow for Illumina NGS platforms has been adopted by more than 50 NGS labs globally, and Paragon is looking to expand into Europe, Asia, and South America through partnership and distributorship deals.
"CleanPlex technology has proven advantages when dealing with low DNA input and degraded samples. Our mission is to provide NGS labs with the best products and services and ultimately make CleanPlex technology the gold standard in targeted sequencing," Chen noted in a statement.
The financing round, which Paragon said was oversubscribed, was led by Cowin Venture Capital and Forsun Industrial, with additional investors including Cloudstone Venture, HEDA Ventures, and Wisemont Capital.