US-based biopharmaceutical company PathoGenetix closed its series B funding round yesterday at $11.5m, having raised a second tranche of $7.5m to add to the $4m it raised in July.
Ascension Health Ventures, a division of non-profit healthcare management company Ascension Health, venture capital firms HealthCare Ventures and Excel Venture Management, and CB Ventures, the venture capital division of investment bank Cain Brothers, all participated in the round.
PathoGenetix raised $1.5m in December last year at around the same time as it changed its name from US Genomics. As US Genomics, the company raised about $34.5m from 2003 to 2008 from CB and HealthCare, as well as Fidelity Biosciences, a division of financial services firm Fidelity Investments, BD Ventures and Still River Funds.
PathoGenetix will use the capital to advance the development and commercialisation if its Genome Sequence Scanning (GSS) technology for use in food safety, genomics research and disease diagnostics. PathoGenetix plans to introduce GSS into the market late next year.