Thursday, May 21, 2009

Nobel Laureate Founded Population Genetics Technologies Raises $3.2MM Series A Funding


Population Genetics technologies, based in Cambridge, UK announced that it met commercial and development milestones set by its principal investors thus securing its final £2,000,000 of Series A funding.
PGT has developed proprietary technologies that will both dramatically reduce the costs of performing large-scale population studies on Next Generation Sequencing platforms and also allow the detection and characterization of rare allelic variations in disease phenotypes. The company believes that these technologies will have a significant impact on discovery, biomarker identification, diagnostic and personalized medicine workflows.
Initial seed funding for the company, which was founded in 2005 by Drs Sydney Brenner, Sam Eletr and Philip Goelet, came from the Wellcome Trust and Series A funding has been provided by Auriga Partners, Beringea Ltd and Compass Genetics Investors LLC.
Commenting on the most recent round of funding Mel Kronick, President and CEO of PGT said, ”We are very pleased, especially in the prevailing economic climate, to have been able to confirm and extend the support from our investors. This was achieved by proving the scalability and applicability of our technologies and their ability to overcome current, real-world constraints on access to “gold standard” population studies. This latest round of investment will allow us to not only progress our development activities but also to begin pre-commercial investigations of the various markets, business models and partners where our technologies can add value.”

2 comments:

Anonymous said...

Great find.

james.casbon said...

Thanks for the coverage! We just launched the website: Population Genetics Technologies. There is a brief overview of what we're up to.