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Woburn biotech PathoGenetix Inc., which raised $4 million in August, has added $7.5 million to round out its Series B financing, the company announced today.
The second tranche of the investment added new backer Ascension Health Ventures to the list of three return investors – Excel Venture Management, CB Health Ventures and HealthCare Ventures.
PathoGenetix, known until November 2010 as U.S. Genomics Inc., said it plans to apply the $11.5 million total investment toward development and commercialization of its Genome Sequence Scanning (GSS) technology, aimed at identifying thousands of bacteria strains in one test in three hours. The GSS platform, which is expected to reach commercial production by late 2012, can be used in genomics research, food and product safety testing, clinical infectious disease diagnostics and biothreat detection, the company said in a news release.
GSS gained early support, in the form of $50 million, from the U.S. Department of Defense and Department of Homeland Security as part of the advanced biosensor programs.
PathoGenetix was founded as U.S. Genomics by brothers Eugene Chan and Ian Chan.
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