HTG Molecular Diagnostics, has announced, SR One, the corporate venture capital arm of GlaxoSmithKline, joined the second tranche of its series D financing. The company has raised $16.2 in this series D financing.
SR One joins this round which was led by Novo A/S and includes Fletcher Spaght Ventures, Merck Capital Ventures, Solstice Capital and Valley Ventures. Simeon George, Partner, SR One is joining HTG’s Board of Directors.
“SR One is delighted to join HTG’s investment syndicate,” said Simeon George, Partner, SR One. “Molecular diagnostics will increasingly impact drug development, approval, and reimbursement. We look forward to working with HTG's impressive management team and network of advisors to support HTG's growth in the clinical diagnostics market.”
The new financing will be used to fuel the growth and adoption of HTG’s multi-plex gene expression testing platform in three key business areas: molecular testing capabilities for translational medicine, pharmaceutical clinical development and pathology laboratory diagnostics.
The company is actively hiring personnel with specific experience working in diagnostics in the following areas: sales and marketing, scientific R&D and operations.
“HTG now has the capital horsepower and industry expertise to execute on our strategic vision in bringing our company from the research arena into the clinical setting,” said TJ Johnson, chief executive officer, HTG.
Johnson continued, “Involvement from SR One in our financing is further validation of the value proposition of our molecular testing platform. We have assembled a very seasoned and dedicated management team, coupled with our funding syndicate, to effectively deliver on our strategic business vision.”
HTG recently announced the appointment of John Lubniewski to chief business officer. Lubniewski joins HTG from Ventana Medical Systems, a member of the Roche Group. He is leading the sales, marketing and product development efforts for the company.