Genomics startup GeneCentric in Durham raises $7.5M for commercialization effort

Genomics startup GeneCentric in Durham raises $7.5M for commercialization effort

DURHAM – GeneCentric Therapeutics has brought in $7.5 million in new funding, the company announced today.

In a statement, the company noted that the funding round, which it said was oversubscribed, was the company’s Series B1 round.

Funds will be allocated to expand and commercialize its “growing pipeline of RNA-based molecular diagnostics,” the startup says.

The company’s investors in the round include IAG Capital Partners and Alexandria Venture Investments, as well as existing investors Labcorp and Hatteras Venture Partners.

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“This financial support from our investors demonstrates the continued enthusiasm for RNA-based diagnostics and genomic tools as a means to accelerate the development of new cancer therapeutics,” said Mike Milburn, PhD, president and CEO of GeneCentric Therapeutics. “This is an exciting time for GeneCentric as we deploy our growing pipeline of RNA-based genomic analysis solutions across multiple tumor types and therapeutic options.”

The company registered a filing with the SEC in early October, after it had confirmed $4.5 million in funding.

GeneCentric raised $1.2 million in debt earlier this year.

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Kassie Hoffman
Kassie pens down all the news from the world of politics on ANH.