Healthcare Industry News: HSMN NewsFeed
News Release - January 9, 2020
Omniome Closes $60 Million Series C Financing To Advance Novel Genomic Sequencing PlatformCompany Raises $145 Million in Eighteen Months to Complete Development and Early Commercialization of Breakthrough DNA Sequencing Platform
SAN DIEGO, Jan. 9, 2020 -- (Healthcare Sales & Marketing Network) -- Omniome, Inc., developer of an innovative DNA sequencing platform capable of delivering unsurpassed sequencing accuracy, today announced it has raised an additional $60 million with the completion of its Series C financing. The funding round was led by Madrone Capital Partners. Current investors include ARCH Venture Partners, Decheng Capital, Domain Associates, Biomatics Capital Partners, Altitude Life Sciences Ventures, Nan Fung Life Sciences and others.
The company, which raised $60 million in financing in mid-2018, will utilize the new $60 million equity financing in addition to previous debt financing in order to accelerate late-stage product development and launch planning.
"Our product development efforts are advancing rapidly and shifting towards delivering our first beta prototype instruments," said Dave Mullarkey, President and CEO at Omniome. "We welcome Madrone and appreciate ongoing support from our current investors in executing on our plans."
The company will deploy portions of the financing proceeds to expand the company's capabilities by hiring new team members across multiple disciplines, particularly in manufacturing, engineering, development, customer support and commercial. The company will continue to optimize its proprietary technology while accelerating instrument development and delivery of commercially-impactful sequencing platforms.
"Omniome has made incredible progress over the past couple years maturing from an early product concept company to a late stage product development company," said Ken Song, M.D., Omniome's Executive Chairman. "The goal and vision have always been to develop a disruptive sequencing technology taking into account accuracy, speed, throughput, and cost. The team's success in advancing product development across these dimensions has attracted considerable interest from top tier investors."
Omniome is developing a breakthrough DNA sequencing platform capable of delivering unsurpassed sequencing accuracy with the potential to advance cancer diagnostics, drive high fidelity single-cell applications and broadly support clinical sequencing. Our proprietary scar-free sequencing biochemistry and technology provides enhanced precision and flexibility. To learn more about Omniome, please visit our website at www.omniome.com.
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