Healthcare Industry News: mitochondrial diseases
News Release - April 7, 2011
MEDomics Announces a Growth Capital Investment from SpaGus Ventures LLC and Gary Augusta Joins MEDomics as Chief Operating OfficerAZUSA, Calif., April 7, 2011 -- (Healthcare Sales & Marketing Network) -- MEDomics, LLC provides NextGen sequence-based DNA diagnostic testing to enable personalized medicine in the genomics era and is transforming diagnostic testing for mitochondrial diseases. MEDomics is proud to announce a growth capital investment from our partner, SpaGus Ventures LLC. This second capital infusion from SpaGus will be used by MEDomics to fuel the continued growth of the company's industry leading tests for mitochondrial disease diagnosis (MitoDx and MitoNucleomeDx), that have produced over $2M in sales over a few months of limited release in the market. In addition, Gary Augusta will become COO, join the MEDomics Board and lead the Corporate Development initiatives as the company adds senior leadership.
"We are pleased to continue and advance our relationship with SpaGus Ventures and Gary. The MitoDx and MitoNucleomeDX tests have got great traction in our target market and having Gary on board as an experienced partner further augments our senior business leadership," states Dr. Steve Sommer, Founder and President of MEDomics.
Gary Augusta states, "I am both honored and excited to invest in and work with the MEDomics team. What Dr. Sommer and the MEDomics team have accomplished is incredible and I look forward to contributing to the growth of this company and helping the patient community."
Mr. Augusta has over 20 years of experience as a CEO, CFO, growth capital investments, M&A and corporate development, angel and venture/micro private equity investing, strategy and operations management for small to Fortune 500 companies. SpaGus Ventures LLC is a fund focused on equity and debt investing for "unique" biomedical and technology companies with $1M-$10M of revenues who need capital for growth; typically for companies to "reach the next gate" of product or commercialization.
MEDomics, LLC (www.medomics.com) is a molecular diagnostic laboratory that was founded in 2008 by Steve S. Sommer, MD, PhD, with the mission of providing Mutation Expert-based Diagnosis ("MED") to support the physician in delivering personalized medicine based on analysis of the patient's genome ("omics"). MEDomics was the first CLIA Certified Laboratory specializing in the clinical diagnostic application of Next Generation sequencing. The mutation experts at MEDomics provide quality interpretation to aid the practicing physician. The staff at MEDomics "live and breathe" mitochondrial medicine.
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