optical mapping

The new fundraising effort follows on the heels of a $101.8 million public stock offering Bionano closed last week, at a price of $3.05 per share.

Buoyed by a string of positive news, the San Diego firm's stock was up 22 percent in Friday afternoon trading and 80 percent from last week.

The firm reported preliminary revenues between $3.8 million and $4.2 million for the fourth quarter of 2020, up from $2.8 million in Q4 of 2019.

A recently published preprint study demonstrated the superiority of the company's optical mapping technology for detecting large structural variations in de novo sequencing data.

Illumina Ventures led the round for the Santa Clara, California-based firm, which is developing applications for its optical detection technology.

For the quarter ended Sept. 30, the company reported $2.2 million in revenues, down from $3.3 million in Q3 of 2019 but beating the average Wall Street estimate.

The deal consists of cash, Bionano common stock, and assumption of liabilities. Bionano has also paid off $1.1 million loaned to Lineagen under the CARES act.