Lineagen Inc., Salt Lake City, Utah-based developer of genomic tests and services, is raising up to $15 million in Series B financing. The company said that existing shareholders Sanderling Ventures, vSpring Capital, PrairieGold Venture Partners and Mesa Verde Venture Partners will commit at least $5 million to the round. Lineagen previously raised $10.8 million in Series A financing.
Lineagen (www.lineagen.com) today announced that President and CEO Michael Paul, Ph.D., will present for the second consecutive year at the 2011 Biotech Showcase at 2:30 p.m. Monday, January 10 at the Parc 55 Wyndham, San Francisco – Union Square. Mr. Paul will discuss compelling new developments for Lineagen, including brisk market demand for the company’s genetic testing and counseling services, as well as progress towards completing the company’s current $15 Million Series B funding round. He will also make a major new commercial service announcement.
“This is a unique time of converging trends for Lineagen,” said Michael Paul. “We see strong demand from physicians for our genetic testing and counseling services which is driving strong support for our current capital round. We look forward to a tremendous opportunity at the Biotech Showcase to discuss our progress with investors and potential strategic partners.”
Lineagen is progressing towards the close of a $15 Million Series B equity funding round. A $10.8 Million Series A round funded the discovery and development phase of the company. Existing Series A investors Sanderling Ventures, vSpring Capital, PrairieGold Venture Partners and Mesa Verde Venture Partners will commit at least $5 Million to the company’s Series B round.
Lineagen (http://www.lineagen.com) is a provider of diagnostic and healthcare services focused on complex diseases for which there is strong genetic susceptibility. Lineagen is committed to improving outcomes for those affected by autism and other complex diseases, for which effective early diagnosis and intervention can have a significant positive impact. The company’s comprehensive genetic testing and support/counseling services are designed to enable early evaluation of children at risk for disorders of childhood development, including autism spectrum disorders (ASD). Founded in 2002, Lineagen’s commercial strategy represents the culmination of significant proprietary research into the genetic causes and diagnostic pathways of key complex diseases, including autism, multiple sclerosis (MS) and chronic obstructive pulmonary disease (COPD). In addition to the company’s core research and development, Lineagen has collaborative relationships with preeminent pediatric research institutes including the University of Utah, providing access to Utah’s Population Database, and The Children’s Hospital of Philadelphia, a leader in autism research.
About Biotech Showcase 2011
The third annual Biotech Showcase (http://www.ebdgroup.com/bts) event, to be held January 10-12, brings together approximately 800 leading life science professionals, including public and private investors as well as top executives from many of the world’s most promising entrepreneurial biotech companies. In addition to presentations from upward of 150 companies, the event will feature a wide range of workshops and plenary sessions.