Nabsys Secures $20 Million Series D Financing
News Mar 14, 2013
Nabsys, Inc. has announced that the company has closed a $20 million Series D financing to support the commercial launch of the company’s positional sequencing system with initial applications in genome assembly and finishing and in analysis of structural variation in genomes.
The financing was led by new investor Bay City Capital with participation from existing investors including Point Judith Capital and Stata Venture Partners.
“We’re excited to have the opportunity to help bring Nabsys’ technology platform to market,” said William Gerber, M.D., investment partner with Bay City Capital.
Gerber continued, “We’re particularly enthusiastic about the near term clinical applications of structural variant analysis. Structural variants are known to play a significant role in many forms of cancer as well as other diseases, and Nabsys is poised to offer a system that combines superior analytical performance with a simple and fully automated workflow.”
Barrett Bready, M.D., president and chief executive officer of Nabsys, added, “We are delighted to welcome Bay City Capital, with its deep experience working with life sciences companies, to our existing investor group. Nabsys is at an important transition point as we prepare for commercial launch. This Series D financing will enable us to build a commercial organization that will support launch. Also, because of the scalability of our single-molecule, solid-state, electrical detection technology, we will be able to significantly expand our initial assays and commercialize additional research and diagnostic applications.”
Initial applications of the system will allow genomic researchers to correctly and quickly assemble the short DNA sequences that are generated by existing DNA sequencing technologies and to analyze structural variation in a high-throughput way.
This is made possible by high-speed, high-resolution electronic measurement of DNA molecules that are much longer than those routinely analyzed by existing sequencing technologies.
This same type of data will subsequently be used for a variety of clinical applications, including “electronic karyotyping.”