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| Illustration of how the Maverick Detection System works--Courtesy of Genalyte |
San Diego's Genalyte reeled in $44 million in a Series C round to spur development of its microchip blood testing platform. The company's Maverick Detection System uses a single drop of blood on a silicon microchip to provide results in 15 minutes, forgoing many of the steps required in traditional blood testing. Khosla Ventures led the round, and previous investors including Redmile Group, Claremont Creek Ventures and BioMed Realty Ventures also chipped in funds. Genalyte will use the cash to improve its Maverick system for doctors' offices, and to launch clinical studies proving its efficacy in a near-patient setting, it said in a statement. "We believe there is an enormous opportunity to improve our healthcare system by providing diagnostic results at the time and place they need to be delivered--when the patient is sitting in front of the doctor," CEO Gary Gunn said in a statement. Statement | More