Genalyte, Inc. Completes $12 Million Series B Financing to Commercialize Its Maverickâ„¢ Next-Generation Multiplexing Platform
SAN DIEGO, March 30, 2012 /PRNewswire/ -- Genalyte, Inc., a life sciences company developing and commercializing innovative next-generation multiplexing technology, today announced completion of an $11.8 million Series B financing. New investors Redmile Group and Claremont Creek Ventures and private investors from Genalyte's Series A round participated in the Series B financing. Genalyte intends to use the new funds primarily for commercialization of its Maverick™ platform and its highly multiplexed panels for autoimmune and immunoassay applications.
Genalyte has pioneered an entirely new approach to immunodetection using silicon chip manufacturing methods. The Maverick platform uses a technology called silicon photonics to directly measure protein binding between antibodies and antigens or hybridization of nucleic acids. This technology eliminates the need for complex processing associated with current multiplexed testing, while leveraging the manufacturing advantages of silicon chips. Genalyte is preparing to launch the Maverick platform this summer, initially addressing the autoimmunity research and testing markets.
"By applying advances in silicon photonics to the life sciences, we have been able to develop a completely new approach to biological detection that provides major advantages to researchers and, eventually, to clinicians," commented Genalyte CEO and founder Cary Gunn. "Our initial funding enabled us to fully develop and refine the silicon photonics biosensor consumables that are the heart of the Maverick system, along with the instrument itself and our initial multiplexed immunology panels. This new financing provides us with the resources to launch the platform in the coming months and to begin to populate it with a wide variety of proprietary assays for multiple applications."
The Maverick platform runs scalable multiplexed as