Gene Security Network Completes $6M Series B Financing

Wed Jan 7, 2009 2:00pm EST

* Reuters is not responsible for the content in this press release.

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
kditmore@genesecurity.net



Copyright Business Wire 2009

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