Genomic Vision Raises EUR 4 Million in Series B Financing
PARIS, July 24, 2008 - Genomic Vision, a developer of novel diagnostic and drug discovery solutions based on its world-leading nanotechnology for DNA analysis in the areas of cancer and acute diseases, announced today that it has raised EUR 4 million (approx. USD 6.3 million) in a series B financing round. New investor Vesalius BioCapital joined existing investor Societe Generale Asset Management Alternative Investments (SGAM AI). This round brings the total capital invested to EUR 6 million since Genomic Vision's creation in July 2004.
The funds will be used to expand Genomic Vision's in-house R&D programs and automation, as well as strengthen the firm's ongoing collaborative programs with partners. "We are delighted to work with financial partners who fully understand and stay informed about our diagnostic and drug discovery activities in the areas of cancer and genetic diseases," said Aaron Bensimon, founder, president and CEO of Genomic Vision. "It is particularly rewarding to have SGAM AI renew their confidence in us after investing three years ago. We are pleased to have attracted Vesalius BioCapital, biotechnology entrepreneurial specialists whose skill and experience will be very useful. This support from our investors will help us to develop our products and services more quickly and enable us to take advantage of growing market opportunities."
"Genomic Vision has a unique technology, Molecular Combing, capable of revolutionizing several diagnostic approaches and DNA analysis," said Jean-Yves Nothias, Managing Partner, BioConvergence team of SGAM AI. "We believe very strongly that their genomic tests will be useful for cancers, genetic diseases, viral diseases and many other applications with wide potential markets."
"We are excited about Genomic Vision's capabilities, which have a significant potential to complete the technical developments required for the use of its molecular combing technology for early cancer diagnosis," said Stéphane Verdood, Partner of Vesalius BioCapital.
In a move to enhance the company's development, Genomic Vision recently transferred its operations to Paris Santé Cochin, an innovative healthcare Biotech Park, reputed for its excellent working conditions for early stage biotech firms around the Paris region. Genomic Vision now employs 15 people, carries out its operations in 600m2 (6000 sq ft approx), and benefits from the support and know-how of the Paris Biotech Santé network. Legal advisors for the fund raising were Philippe Simon, KGA, representing Genomic Vision, Hubert Segain from Herbert Smith representing Vesalius BioCapital Venture, and Mickael Lévy representing SGAM AI.
About Genomic Vision Genomic Vision develops novel diagnostic and drug discovery solutions based on its world-leading nanotechnology for DNA analysis in the areas of cancer and acute diseases. The company uses a powerful technique, Molecular Combing Technology, for the direct visualization of single DNA molecules to detect quantitative and qualitative changes in the genome landscape and establish their contribution to pathology. Genomic Vision holds an exclusive license for the technology from the Pasteur Institute.
Genomic Vision works through partnerships and alliances with the diagnostic and pharmaceutical industries to distribute its tests and services. The company is focused on three key areas: - Diagnostics: the discovery of genomic biomarkers and the development of DNA-based diagnostic tests for early disease identification and management - Drug Development: exploiting the Combing Replication Assay to test the efficacy of lead compounds by studying DNA replication in proliferating cancer cells - Drug Response Biomarkers: the analysis and identification of the genomic region in the human genome to allow the characterization of genetic differences between individuals who respond differently to the same drug
Genomic Vision's headquarters and biological research facilities are Paris Santé Cochin, France. The company is supported by a network of collaborations with leading academic researchers and clinicians. The company has raised EUR 6 since its creation in 2004. For more information: http://genomicvision.comhttp://www.genomicvision.com