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GEN News Highlights : Mar 18, 2011

BioNanomatrix Closes $23.3M Financing to Set Up West Coast Presence

Company is working on commercializing its nanoAnalyzer platform for whole-genome analysis.

BioNanomatrix has closed a $23.3 million Series B round of equity financing. The company will use the money to establish a presence on the West Coast for its business, focused on nanoscale, single-molecule imaging and analysis platforms.

“The Series B financing comes at a pivotal time for the company, as we advance toward commercialization of our unique nanoAnalyzer platform for whole genome analysis,” says R. Erik Holmlin, president and CEO of BioNanomatrix.

Holmlin says that BioNanomatrix has already placed its nanoAnalyzer 1000 systems with early-access users since introducing the system last November at the 2010 annual meeting of the American Society of Human Genetics.

BioNanomatrix is based in Philadelphia, and the new West Coast presence “will provide additional business opportunities and the ability to recruit from a talent base that has established this industry,” notes Brian K. Halak, Ph.D., a newly named member of the company’s board of directors.

Dr. Halak is a partner with Domain Associates, which led the equity financing round. Domain was joined by new investor Gund Investment and existing investors Battelle Ventures, Innovation Valley Partners, and KT Venture Group.