Cartagenia Closes $5.9M (€4.25M) Financing Round
Funds Will Support Growth, Expand Product Portfolio to Oncology, Reproductive Health.
Boston, MA / Leuven, Belgium – May 29, 2014 – Cartagenia, the leading provider of clinical-grade solutions for genomic assay interpretation and lab reporting to diagnostic genetics labs, clinicians and hospitals, today announced the closing of a $5.9 million (€4.25 million) financing round.
The financing was subscribed by Cartagenia's existing shareholders and management. Shareholders include Capricorn ICT Arkiv, a Leuven-based ICT fund focussing on Digital Healthcare and Big Data, the Flemish investment company PMV and Gemma Frisius Fund, the venture fund of the University of Leuven.
The funds from the financing will be used to expand the company's efforts to commercialize the Cartagenia Bench platform in key markets including North America and Europe. Additionally, the financing will allow Cartagenia to expand its product portfolio in Oncology and Reproductive Health.
Herman Verrelst, CEO Cartagenia commented: "We have achieved great success both supporting genetic labs worldwide adopting array or NGS technologies in clinical diagnostic applications and in partnering with our existing customers in developing interpretation pipelines in multiple clinical domains. With this financing round, we will expand this strategy further into key areas such as pre-natal testing, cancer screening, and diagnostic oncology genetic testing."
Cartagenia currently serves more than 120 labs and clinics across North America, Europe and Australia with its Bench Lab™ platform. Bench Lab is a medical device Software-as-a-Service solution designed for interpretation support, lab reporting, and data sharing for clinical genetic testing applications. Supported clinical applications of NGS, Sanger and array testing include constitutional and rare disease, prenatal diagnosis and screening, and germline and somatic oncology assays.
The Cartagenia solution portfolio is unique because it combines a patient-centric interpretation support and reporting for molecular and cytogenetic tests on one single platform, with a central focus on diagnostic use. Cartagenia Bench is marketed as a medical device in Europe, the US and Canada. The solution suite is complemented with solutions for electronic assay requisition and secure lab reporting to referrers through Bench Portal, and tools for seamlessly integrating the Bench suite with hospital and lab informatics, such as LIMS and EHR systems.
Cartagenia supplies interpretation support software, database systems, and related services to genetic labs and clinicians, enabling them to perform clinically relevant genetic analyses quickly and efficiently, and offer patients and carers high-quality genetic interpretation and counselling.
The Cartagenia Bench platform is built in collaboration with genetics labs and clinical experts involved in routine medical practice. Because of this, Bench NGS addresses the specific needs of genetic diagnostic labs and clinicians.
Cartagenia Bench is built using a certified ISO13485 Quality Management System and is registered with the FDA as an exempt Class I Medical Device in the United States and as a Class I Medical Device in Europe in conformity with the essential requirements and provisions of the Council Directive 93/42/EEC concerning medical devices, and with the relevant harmonized standards EN ISO62304.
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