Healthcare Industry News: Genomic Health
News Release - December 10, 2013
Invitae Completes $40 Million Series E FinancingFinancing to accelerate ongoing development of company’s clinical genetic tests and expansion into global markets
SAN FRANCISCO--(Healthcare Sales & Marketing Network)--Invitae Corporation, a genetic diagnostics company, today announced the completion of a $40 million Series E financing. Invitae will use the financing to accelerate the ongoing development of the company’s clinical genetic tests for hereditary disorders, including oncology, cardiology, neurology and pediatric medicine. Invitae will also focus on expanding to international markets.
Investors participating in the Series E round include Genomic Health, Inc. (GHDX), Randy Scott, Thomas McNerney & Partners, Redmile Group, Genesys Capital, Casdin Capital, among others.
“Invitae is making significant progress in expanding our genetic testing services and executing on our business plan. With the support of our new and existing investors, this financing will allow us to expand our offering of genetic tests and build on our commercial capabilities,” said Randy Scott, PhD, founder and chief executive officer of Invitae. “This financing will help us to accelerate our plans to reinvent genetic testing by making it more affordable and accessible than ever before, and, ultimately, it will help us achieve our goal of transforming multi-use genetic testing into routine medical practice.”
About Invitae Corporation
Specializing in genetic diagnostics for hereditary disorders, Invitae’s mission is to make multi-use genetic testing more accessible and affordable than ever before.
The company is pursuing a strategy over the next several years to aggregate all the world's medical genetic tests (>3,000 known Mendelian inherited conditions) into a single assay at a lower cost than most single gene tests today.
This capability is increasingly enabled by the rapid advancements in DNA sequencing technology. Invitae hopes to lead the way from an era of genetic scarcity to genetic abundance to significantly improve healthcare worldwide.
Invitae has raised $87 million from investors, including Thomas, McNerney & Partners, Genomic Health, Inc. (NASDAQ: GHDX), Genesys Capital, Casdin Capital, Redmile Group and Randy Scott.
For further information, please visit www.invitae.com.
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