U.S. Genomics Announces $17 Million Private Financing to Advance Pioneering Technology for Direct, Linear Analysis of DNA

Apr 04, 2001, 01:00 ET from U.S. Genomics

    WOBURN, Mass., April 4 /PRNewswire/ -- U.S. Genomics announced today that
 it has concluded a $17 million private placement to support the Company's
 development of pioneering technologies for the direct linear analysis of DNA.
 The financing, led by HealthCare Ventures, also included existing investors,
 CB Health Ventures, Still River Fund, and several private investors.  In
 connection with the financing, Augustine Lawlor, General Partner at HealthCare
 Ventures, joined the Company's Board of Directors.
     "With the initial sequencing of the human genome, the genomics revolution
 is entering a new phase that demands technologies that can deliver enhanced
 value and use from genomic data," commented Mr. Lawlor.  "U.S. Genomics has
 created a powerful, fundamental new technology that carries the potential of
 enabling commercial applications of genetics analysis across a broad range of
 industries."
     Eugene Chan, Chairman and CEO of U.S. Genomics, noted, "This financing
 represents a significant endorsement of the progress U.S. Genomics has made in
 advancing its technologies.  These funds will continue to support our efforts
 in strengthening our technology base and allow us to commercialize our
 platform in our key markets in drug discovery, pharmacogenomics, and clinical
 diagnostics."
     To address the emerging commercial need for the rapid production of usable
 and comprehensive genomic data, USG has created a fundamental new technology
 that allows direct, linear DNA analysis. USG's unique ability to rapidly read
 extremely long stretches of genetic sequence has the potential to transform
 the utility and commercial application of genomic analysis.  In the near term,
 USG's platform can be applied to generate enriched haplotype data that
 provides extremely full information.  In the longer term, USG's approach has
 the potential to enable the deciphering of whole genomes, individual drug
 customization, and drug discovery for diseases caused by multiple genes.
 
     About U.S. Genomics
     U.S. Genomics (USG) is pioneering breakthrough technologies for direct,
 linear analysis of DNA for the global life sciences industry.  Modeled after
 the cellular machinery used to read genetic material, the Company's
 technologies have the potential to transform the commercial utility of genomic
 information by enhancing its quality and breadth of application.  USG is
 focused initially on providing technology products and services to markets in
 drug discovery, pharmacogenomics, and diagnostics.
 
      CONTACTS:
      At U.S. Genomics
      Ian Chan
      CFO and VP of Corp. Devel.
      (781) 937-5550
      ichan@usgenomics.com
 
      At Feinstein Kean Healthcare
      Harriet Ullman
      (617) 577-8110
      hullman@fkhealth.com
 
 

SOURCE U.S. Genomics
    WOBURN, Mass., April 4 /PRNewswire/ -- U.S. Genomics announced today that
 it has concluded a $17 million private placement to support the Company's
 development of pioneering technologies for the direct linear analysis of DNA.
 The financing, led by HealthCare Ventures, also included existing investors,
 CB Health Ventures, Still River Fund, and several private investors.  In
 connection with the financing, Augustine Lawlor, General Partner at HealthCare
 Ventures, joined the Company's Board of Directors.
     "With the initial sequencing of the human genome, the genomics revolution
 is entering a new phase that demands technologies that can deliver enhanced
 value and use from genomic data," commented Mr. Lawlor.  "U.S. Genomics has
 created a powerful, fundamental new technology that carries the potential of
 enabling commercial applications of genetics analysis across a broad range of
 industries."
     Eugene Chan, Chairman and CEO of U.S. Genomics, noted, "This financing
 represents a significant endorsement of the progress U.S. Genomics has made in
 advancing its technologies.  These funds will continue to support our efforts
 in strengthening our technology base and allow us to commercialize our
 platform in our key markets in drug discovery, pharmacogenomics, and clinical
 diagnostics."
     To address the emerging commercial need for the rapid production of usable
 and comprehensive genomic data, USG has created a fundamental new technology
 that allows direct, linear DNA analysis. USG's unique ability to rapidly read
 extremely long stretches of genetic sequence has the potential to transform
 the utility and commercial application of genomic analysis.  In the near term,
 USG's platform can be applied to generate enriched haplotype data that
 provides extremely full information.  In the longer term, USG's approach has
 the potential to enable the deciphering of whole genomes, individual drug
 customization, and drug discovery for diseases caused by multiple genes.
 
     About U.S. Genomics
     U.S. Genomics (USG) is pioneering breakthrough technologies for direct,
 linear analysis of DNA for the global life sciences industry.  Modeled after
 the cellular machinery used to read genetic material, the Company's
 technologies have the potential to transform the commercial utility of genomic
 information by enhancing its quality and breadth of application.  USG is
 focused initially on providing technology products and services to markets in
 drug discovery, pharmacogenomics, and diagnostics.
 
      CONTACTS:
      At U.S. Genomics
      Ian Chan
      CFO and VP of Corp. Devel.
      (781) 937-5550
      ichan@usgenomics.com
 
      At Feinstein Kean Healthcare
      Harriet Ullman
      (617) 577-8110
      hullman@fkhealth.com
 
 SOURCE  U.S. Genomics