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VitaPath Genetics Raises $6 Million in Series A Round



9/10/2009 6:53:58 AM

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FOSTER CITY, Calif., Sept. 10 /PRNewswire/ -- VitaPath Genetics, a molecular diagnostics company, announced today that it has closed a $6 million series A round of funding led by MDV-Mohr Davidow Ventures. VitaPath was originally seeded by X/Seed Capital, which also co-invested in the Series A. Concurrent with the financing MDV's Michael Goldberg and X/Seed's Michael Borrus took seats on the company's board.

VitaPath Genetics develops molecular diagnostics to help patients and their doctors correct genetic mutations that can result in serious but preventable diseases. The company's initial focus is a validated genetic test for Spina Bifida, a common birth defect that can be avoided with high dose folic acid therapy under the care of a physician. The financing proceeds will be used to complete the validation of the company's first assay and prepare for commercial launch.

"VitaPath Genetics addresses a significant and underserved area of medicine - understanding and treating preventable diseases. Whereas most medicine is delivered after the fact, VitaPath provides actionable diagnostics to identify and prevent those most at risk from developing a disease or condition," Goldberg explained. "Diagnostics such as those developed by the VitaPath team will play a key role in achieving the nation's goal of preventing disease, improving patient care and reducing healthcare costs."

VitaPath Genetics CEO Bruce Cohen added, "We are delighted to have MDV and X/Seed support the development of a whole new generation of actionable genetic assays that are based on solid science. Our unique approach to discovery and validation, originally developed in the laboratory of Jasper Rine at UC/Berkeley, will make it possible to identify and safely remediate mutations that would otherwise impair health."

About VitaPath Genetics

VitaPath Genetics develops molecular diagnostics to help patients and their doctors correct genetic mutations that can result in serious, but preventable, disease. The company's initial focus is a validated genetic test for Spina Bifida, a common birth defect that can be avoided with high dose folic acid therapy under the care of a physician.

For more information visit: www.vpgenetics.com.

About MDV-Mohr Davidow Ventures

MDV has been a leading Silicon Valley venture capital firm for more than 25 years. The firm funds and mentors entrepreneurs, scientists and young companies involved in redefining business, technology and medicine. MDV invests around three major themes: Personalizing Medicine; Powering the Planet; and Driving the Digital World. The firm partners with entrepreneurs seeking to transform healthcare through the use of more meaningful and personalized information. Category-leading life science companies funded by MDV include: Adamas; Artemis Health; CardioDx; Corventis; Crescendo Bioscience; iRhythm; Navigenics; Pacific Bioscience; ParAllele (AFFX); RainDance Technologies; Tethys Bioscience; and Ventus Medical. MDV has $2 billion dollars under management. For more information visit: http://www.mdv.com.

About X/Seed Capital

X/Seed Capital is an independent, seed-focused, venture fund providing de-novo start-up capital for entrepreneurs pursuing breakthrough innovation. X/Seed was founded in 2006 and is based in California's Silicon Valley. For more information visit: http://www.xseedcap.com.


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