Complete Genomics Inc, a third-generation human genome sequencing company, has raised $45m in private equity financing and closed its series D funding round with two new investors — Essex Woodlands Health Ventures and OrbiMed Advisors.
Complete Genomics’ existing investors — Enterprise Partners Venture Capital, OVP Venture Partners, Prospect Venture Partners and Highland Capital Management — have all chosen to reinvest in the company.
Complete Genomics provides high-quality, high-throughput and affordable DNA sequencing of human populations that will enable large-scale research of the genetic mechanisms underlying drug responses and complex diseases. The company is currently building the world’s largest commercial human genome sequencing centre in the heart of Northern California’s Silicon Valley.
Dr Caskey, adjunct partner at Essex Woodlands Health Ventures and newly appointed director of the investment target, said, “I have been involved in DNA sequencing for many years and believe that Complete Genomics’ technology has the potential to revolutionise the market by providing researchers with access to large-scale genome sequencing. That is why I took the unique step of accepting a seat on their board.”
“We are pleased to have completed our series D funding round, even though it is six months later than we originally planned due to the collapse of capital markets,” said Dr Clifford Reid, chairman, president and CEO of Complete Genomics. “This new capital will enable us to scale up our facilities in preparation for large customer projects. We now plan to launch our large-scale commercial sequencing center in January 2010 with the goal of sequencing 10,000 human genomes next year.”
With $2.5bn under management, Essex Woodlands pursues investments in pharmaceuticals, biotechnology, medical devices, healthcare services, and health IT.
OrbiMed Advisors has been active in private equity since 1993 and invests in pharmaceutical, biotechnology and medical device companies.
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