Genomic Vision, a French developer of nanotechnology for DNA analysis in the areas of cancer and acute diseases, has raised EUR 4 million in Series B funding. Vesalius BioCapital was joined by return backer SGAM AI.
Genomic Vision, a developer of novel diagnostic and drug discovery solutions based on its world-leading nanotechnology for DNA analysis in the areas of cancer and acute diseases, announced today that it has raised EUR 4 million (approx. USD 6.3 million) in a series B financing round. New investor Vesalius BioCapital joined existing investor Societe Generale Asset Management Alternative Investments (SGAM AI). This round brings the total capital invested to EUR 6 million since Genomic Vision's creation in July 2004.
The funds will be used to expand Genomic Vision's in-house R&D programs and automation, as well as strengthen the firm's ongoing collaborative programs with partners. “We are delighted to work with financial partners who fully understand and stay informed about our diagnostic and drug discovery activities in the areas of cancer and genetic diseases,” said Aaron Bensimon, founder, president and CEO of Genomic Vision. “It is particularly rewarding to have SGAM AI renew their confidence in us after investing three years ago. We are pleased to have attracted Vesalius BioCapital, biotechnology entrepreneurial specialists whose skill and experience will be very useful. This support from our investors will help us to develop our products and services more quickly and enable us to take advantage of growing market opportunities.”
“Genomic Vision has a unique technology, Molecular Combing, capable of revolutionizing several diagnostic approaches and DNA analysis,” said Jean-Yves Nothias, Managing Partner, BioConvergence team of SGAM AI. “We believe very strongly that their genomic tests will be useful for cancers, genetic diseases, viral diseases and many other applications with wide potential markets.”
“We are excited about Genomic Vision's capabilities, which have a significant potential to complete the technical developments required for the use of its molecular combing technology for early cancer diagnosis,” said St