Press Release |
Gene Security Network Completes $6M Series B Financing
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REDWOOD CITY, Calif.--(Business Wire)-- Gene Security Network, Inc. (GSN), a molecular diagnostics company using data informatics to enhance genetic testing, today announced the closing of its $6M Series B financing. Participating in the financing were existing investors Claremont Creek Ventures and Sequoia Capital as well as new investor Alafi Capital. "GSN`s world-leading Parental SupportTM technology is transforming preimplantation genetic testing during in-vitro fertilization," said John Steuart, Managing Partner at Claremont Creek. "With the launch of new applications, GSN will continue to expand the market by providing better testing options for families to respond to inherited disease." "The financing from this top syndicate at a high valuation is a testament to the rapid progress we`ve made to deliver accurate testing from a single cell," said Matthew Rabinowitz, Ph.D., President and CEO of Gene Security Network. "Our technology will enable a host of services that make genetic information actionable, so that doctors worldwide can order tests to improve the quality of life of their patients." About Gene Security Network Gene Security Network is a privately held molecular diagnostics company that develops bioinformatics technologies for complex testing of small quantities of genetic material. GSN`s proprietary Parental SupportTM technology is the first to leverage data informatics to deliver highly accurate single cell testing for chromosome abnormalities and genetic diseases. Parental SupportTM uses genetic information from the parents, as well as HapMap data from the Human Genome Project, to clarify the typically noisy measurements from a single cell and to generate an in silico reconstruction of the cell`s genotype. GSN operates a CLIA-certified laboratory in Redwood City, California, providing testing services to guide doctors in selecting embryos during in vitro fertilization. GSN`s first service, All Chromosome Aneuploidy Screening, allows testing of all 24 chromosomes with results available in time for same-cycle Day 5 transfer. The test is currently available through several leading IVF centers in the U.S, including La Jolla IVF, Huntington Reproductive Center, Stanford Fertility and Reproductive Medicine Center, Conceptions Reproductive Associates, and Boston IVF, and will be available at NYU Fertility Center in early 2009. For more information, please visit www.genesecurity.net. About Claremont Creek Ventures Claremont Creek Ventures is a venture capital firm that specializes in early stage information technology start-ups. One of the firm's chief areas of interest is the interface between IT and healthcare. Claremont Creeks' investment professionals share a deep commitment to helping entrepreneurs build successful companies from the ground up, drawing from decades of entrepreneurial, operational, and investment experience in the mobility, healthcare and security markets. Founded by Managing Directors Nat Goldhaber, Randy Hawks, and John Steuart, the firm is based in Oakland, California. For more information, please visit www.claremontvc.com. About Sequoia Capital Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into companies. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of Network Appliance, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of NVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube and Dominic Orr and Keerti Melkote of Aruba Wireless Networks. To learn more about Sequoia Capital visit www.sequoiacap.com. About Alafi Capital Alafi Capital is a private venture capital firm that has been active in healthcare investing for over 25 years. Early and mid-stage investments in the U.S. and Europe are considered, with emphasis on product-oriented biotechnology, life science technologies, imaging and diagnostics, and medical devices. Included among Alafi Capital's past successes are Amgen, Biogen, Molecular Devices, Tanox, Qiagen, Novocor, Oxford Glycosciences, and Applied Biosystems. Gene Security Network, Inc. Katie Ditmore, 617-308-1252 firstname.lastname@example.org Copyright Business Wire 2009