Lineagen, Inc. Closes $5 Million to Complete $10.8 Million Series A Roundposted - AUG 30, 2010
SALT LAKE CITY--(BUSINESS WIRE)--Lineagen, Inc. (www.lineagen.com), a developer of innovative genomic tests and services for the screening, evaluation and diagnosis of complex disorders and diseases including autism spectrum disorders and others, today announced that PrairieGold Venture Partners has joined Lineagen’s existing institutional venture investors in a further $5 million closing of its Series A round, which completes Lineagen’s $10.8 million Series A financing. This latest close will support further development of Lineagen’s lead autism program and the company’s September 2010 commercial service launch.
The Series A round included new investor PrairieGold Venture Partners, in conjunction with strong support from existing investors Sanderling Ventures, vSpring Capital and Mesa Verde Venture Partners. Mike Jerstad, Partner of PrairieGold Venture Partners, will join Lineagen’s Board of Directors. This financing, coupled with the $5.8 million Series A first close in December 2007, concludes the company’s Series A fundraising.
"We are pleased to partner with Lineagen at this significant nexus in the company’s development,” said Jerstad. "Lineagen will make a significant positive impact on children with autism and their families by helping primary care physicians and their patients more quickly navigate the difficult, time-consuming diagnostic process for this complicated condition."
"We could not be more pleased to have PrairieGold join our accomplished professional Series A investment syndicate,” said Dr. Michael S. Paul, President and CEO of Lineagen, Inc. "We are confident that Mike Jerstad will add exceptional value to the visionary team of experienced investors who, collectively, will be instrumental in guiding Lineagen's path to leadership in the molecular diagnostics market."
The fastest-growing developmental disability in the U.S., autism affects up to one in every 110 children, creating a huge personal – and national – economic burden. Studies suggest that early intensive behavioral intervention (EIBI) can lead to significant levels of improvement. Despite this, the vast majority of children remain undiagnosed until age five or six due to “bottlenecks” along the physician referral pathway, as well as limited early diagnostic technologies.
About Lineagen, Inc.
Lineagen (www.lineagen.com) is a provider of diagnostic and healthcare services focused on complex diseases for which individuals’ genetic profiles contribute strongly to their susceptibility. Lineagen is committed to improving outcomes for those affected by autism and other complex diseases, for which effective early diagnosis and intervention can have a significant positive impact. The Company’s comprehensive genetic testing and support/counseling service are initially designed to enable early evaluation of children at risk for disorders of childhood development, including autism spectrum disorders (ASDs). Founded in 2002, Lineagen’s commercial strategy represents the culmination of significant proprietary research into genetic causes and diagnostic pathways of key complex diseases, including autism, MS and COPD. One of the company’s core research competitive advantages is its access through the University of Utah to the Utah Population Database, an unmatched biomarker discovery research platform that has been used to help the University identify more disease-related genes than any other institution in the world.
For more information see http://www.lineagen.com.
About PrairieGold Venture Partners
PrairieGold Venture Partners is an early stage venture capital firm focused on life sciences and green technology investments. By partnering with entrepreneurs early on in their companies’ lifecycles, PrairieGold seeks to help those entrepreneurs build sustainable value throughout each phase of development.
For more information see http://www.pgvp.com.