Developer of lab and scientific data management solutions has completed a second round of financing led by OVP Venture Partners in Seattle, along with Growth Works and Yaletown Venture Partners
This round of financing will allow GenoLogics to accelerate its systems biology market penetration strategy.
This financing round dovetails with the introduction of GenoLogics's latest product, Geneus, which is targeted at the lab and data management segment of the genomics market, and more than doubles the Company's market opportunity over the next few years.
These funds will also enable GenoLogics to accelerate the development of Geneus and respond faster to the myriad of emerging genomics and systems biology opportunities that are surfacing.
Rick LeFaivre, partner at OVP Venture Partners, commented, "We firmly believe that GenoLogics has significant market opportunity and we are committed to helping the company become another Northwest success story".
Michael Ball, GenoLogics CEO, stated, "We are really pleased that our original investors have chosen to finance our second round.
"This speaks to the confidence they have in our team and the opportunity they see in the marketplace for scientific data and lab management systems in systems biology and translational research applications.
"These funds will allow us to focus more resources and marketing effort on deepening our penetration within the global pharmaceutical market in 2007".
