Nimblegen Systems Raises Another $8.2 Million in Financing
News Dec 05, 2005
NimbleGen Systems Inc. has announced the closing of a private venture financing in the amount of $8.2 million. The Company has raised a total of $50 million since its inception in 1999.
"NimbleGen is uniquely positioned in the microarray market with both high probe density and long oligos," said Sanjiv Arora, NimbleGen Director at Cargill Ventures.
"The company has made enormous strides in the past year, becoming the ChIP-chip market leader, launching its CGH platform with the highest resolution in the market, and pushing the frontier of emerging, novel applications."
Dr. David Lowe, NimbleGen Director at Skyline Ventures, agreed, "We’re confident in NimbleGen’s technology and management."
"NimbleGen Systems has assembled a world class team of managers and scientists who have done an outstanding job of positioning the company for rapid growth with their technical accomplishments and strategic relationships, serving customers’ needs in new and existing markets."
"We are grateful for the support our investors have shown as NimbleGen continues to address issues related to rapid growth," said NimbleGen President and CEO Dr. Stanley Rose.
"They share our excitement over the opportunity we see to develop and leverage leading positions in a variety of emerging markets involving genetic analysis."
"We have been growing very rapidly over the past two quarters, and our investors have stepped forward to provide the resources needed to take NimbleGen to the next level of commercial success."
NimbleGen is working to enable High-Definition GenomicsSM, a rapidly growing approach to genomic science that provides enhanced detail of genetic variation and clarity of complex data sets.
The flexibility of NimbleGen’s microarray platform combined with its products of expression, ChIP-chip, CGH, and comparative genome sequencing provide the basis for new avenues of basic genomics research as well as diagnostics and therapeutic development.
All of the company’s existing venture capital and institutional investors participated in the round, including Cargill Ventures, Skyline Ventures, Topspin Partners, Tactics II Investments LLC, Venture Investors LLC, Baird Venture Partners, The Wisconsin Alumni Research Foundation (WARF) and the State of Wisconsin Investment Board.
As genome editing technologies advance toward clinical therapies, they are raising hopes of a completely new way to treat disease. However, challenges need to be addressed before potential treatments can be widely used in patients. To tackle these challenges, the National Institutes of Health has launched the Somatic Cell Genome Editing program, which has awarded multiple grants including more than $3.6 million to assess the safety of genome editing in human cells and tissues.