WOBURN, Mass., June 30 /PRNewswire/ -- Modular Genetics, Inc. (MGI) announced today that it has closed the first round of a $5.5 Million Series B financing. Proceeds will be used to enhance the company's automated gene engineering system, expand the sales force, and accelerate specific product development programs.
The company's patented technology is used for automated assembly and modification of cloned genes. "MGI's high throughput system enables the company to perform precise gene engineering, on a large scale. MGI is leveraging its core CombiGenix(TM) technology to increase throughput, accuracy and speed aimed at reducing costs for gene synthesis, site-directed mutagenesis and repair of mutations in cloned genes," said Kevin Jarrell, the company's President and CSO.
Modular Genetics, Inc. (MGI) has leveraged its patented CombiGenix(TM) technology to develop three gene engineering platforms:
-- GeneDirect(TM) 96 sample platform site-directed mutagenesis.
-- GeneBuild(TM) Codon optimization and precise assembly of custom
-- GeneFix(TM) Repair of mutations, or removal of retained introns,
from cloned genes.
These services help customers in pharmaceutical, biotech, government and academic laboratories realize a rapid and cost competitive alternative to slow and error prone gene engineering methods.
In addition, to providing gene engineering services, MGI is using its automated system to develop stand-alone products. Product development is typically conducted in collaboration with a partner. The first products developed via these collaborations are expected to reach the market before the end of 2004. "MGI is successfully executing a two component business model. The company expects to reach profitability through expansion of its gene engineering services. At the same time, the company is working with partners to create high-value products, with particular emphasis on application of the technology to drug discovery. The two component business model is clearly a sound strategy for commercializing this particular technology," said lead investor Terry Brennan, Director of New Ventures, Boston University Community Technology Fund.
Modular Genetics, Inc. Woburn, MA is a privately held growth-stage biotechnology company providing gene engineering services and developing products via automated gene engineering. (http://www.modulargenetics.com/)
Modular Genetics, Inc.
Modular Genetics, Inc.