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PathoGenetix Raises $7.5M in Second Closing of Series B Financing

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PathoGenetix has raised $7.5 million in a second closing of a Series B financing round, bringing its total raised in the round to $11.5 million.

The company said it plans to use the funds to support commercialization of its Genome Sequence Scanning technology to identify bacteria strains.

The company raised $4 million in the first closing of the Series B round in August (IS 8/2/2011).

New investor Ascension Health Ventures participated in the financing along with the existing investor group, which includes Excel Venture Management, CB Health Ventures, and HealthCare ventures.

The funding will allow the company to "complete development and begin commercializing GSS in the rapidly emerging research market for analysis of microbial populations," CEO John Canepa said in a statement.

According to the company, the GSS technology labels large fragments of genomic DNA with a fluorescent tag. The fragments are then stretched out and flow past a detector through a microfluidic chip at 150 megabases per second. The detector records the fragment length and spatial pattern of the tags, which enables identification of the strain. A single test can identify thousands of strains in three hours, according to PathoGenetix.

The technology has "demonstrated great potential to fill enormous needs in healthcare and public health to accelerate decision making, improve outcomes, and reduce unnecessary costs," said Tara Butler of AHV.

PathoGenetix is planning to launch its platform in the research market in late 2012.

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