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SOURCE Nabsys, Inc.
PROVIDENCE, R.I., March 13, 2013 /PRNewswire/ -- Nabsys, Inc., a life sciences company pioneering solid-state, single-molecule positional sequencing with broad applicability in DNA analysis, today announced that the company has closed a $20 million Series D financing to support the commercial launch of the company's positional sequencing system with initial applications in genome assembly and finishing and in analysis of structural variation in genomes. The financing was led by new investor Bay City Capital with participation from existing investors including Point Judith Capital and Stata Venture Partners.
"We're excited to have the opportunity to help bring Nabsys' technology platform to market," said William Gerber, M.D., investment partner with Bay City Capital. "We're particularly enthusiastic about the near term clinical applications of structural variant analysis. Structural variants are known to play a significant role in many forms of cancer as well as other diseases, and Nabsys is poised to offer a system that combines superior analytical performance with a simple and fully automated workflow."
Barrett Bready, M.D., president and chief executive officer of Nabsys, added, "We are delighted to welcome Bay City Capital, with its deep experience working with life sciences companies, to our existing investor group. Nabsys is at an important transition point as we prepare for commercial launch. This Series D financing will enable us to build a commercial organization that will support launch. Also, because of the scalability of our single-molecule, solid-state, electrical detection technology, we will be able to significantly expand our initial assays and commercialize additional research and diagnostic applications."
Initial applications of the system will allow genomic researchers to correctly and quickly assemble the short DNA sequences that are generated by existing DNA sequencing technologies and to analyze structural variation in a high-throughput way. This is made possible by high-speed, high-resolution electronic measurement of DNA molecules that are much longer than those routinely analyzed by existing sequencing technologies. This same type of data will subsequently be used for a variety of clinical applications, including "electronic karyotyping."
Nabsys is dedicated to enabling advances in life sciences and healthcare through strategic deployment of a novel positional sequencing platform with broad applicability for DNA analysis. The Nabsys platform uses solid-state nanodetectors to analyze single DNA molecules, revealing both location and identity of DNA sequences over long distances. The system is designed to set new standards for accuracy, speed and scalability, offering compelling advantages for the analysis of genome structural variation, genome mapping, and both targeted and whole genome sequencing. Nabsys was the first company to receive a "$1000 Genome" award from the National Human Genome Research Institute of the National Institutes of Health for an electronic approach to sequencing DNA. For more information about Nabsys, please visit www.Nabsys.com.
Barrett Bready, M.D.
President, Chief Executive Officer and Director
401-276-9100 Ext. 200
Robert Flamm, Ph.D.
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