PHILADELPHIA--(BUSINESS WIRE)-- BioNanomatrix, Inc., a developer of nanoscale, single-molecule imaging and analysis platforms designed to dramatically reduce the time and cost needed to analyze the genome, has closed a $23.3-million Series B round of equity financing.
Domain Associates, based in Princeton, N.J., and San Diego, Calif., led the round, with new investor Gund Investment Corporation and existing investors Battelle Ventures, Innovation Valley Partners and KT Venture Group joining the round.
"The Series B financing comes at a pivotal time for the company, as we advance toward commercialization of our unique nanoAnalyzer platform for whole genome analysis," said R. Erik Holmlin, newly elected president and chief executive officer of BioNanomatrix.
Holmlin noted that BioNanomatrix introduced the nanoAnalyzer 1000 System at the 2010 annual meeting of the American Society of Human Genetics last November and said that the company "has already placed a number of systems with early-access users."
"BioNanomatrix has made impressive progress in developing and refining its platform technology and testing the nanoAnalyzer in collaboration with leading researchers in the genomics field," said Domain Associates Partner Brian K. Halak, PhD., who joins the company's Board of Directors.
"This capital infusion enables BioNanomatrix to establish a strong West Coast presence that will provide additional business opportunities and the ability to recruit from a talent base that has established this industry," Dr. Halak continued.
"Looking ahead," he said, "we are confident that the affordability, speed and simplicity of the nanoAnalyzer technology will make the routine use of genetic information feasible in broad-ranging applications, including molecular diagnostics, personalized medicine and biomedical research."
Named in 2010 as one of 50 companies to watch by Medical Device and Diagnostic Industry, BioNanomatrix is developing and commercializing technologies for analysis of large biological molecules, such as nucleic acids, which are vital to life science research, clinical diagnostic applications and development of new therapeutics. This technology is designed to dramatically reduce the time and complexity to analyze the genome and provide additional information, including structural variation data, which is not easily addressed with current methods. The company's products will provide users with the means to perform single-molecule analyses on minute biological samples that are essentially unattainable, too impractical or too costly to achieve using current technology. The company's current development efforts include a NIST-ATP-funded project to sequence the human genome at a cost of $100, as well as support from the National Institutes of Health. For more information, visit www.bionanomatrix.com.
Note: BioNanomatrix and nanoAnalyzer are trademarks of BioNanomatrix, Inc. Any other names of actual companies, organizations, entities, products or services may be the trademarks of their respective owners.