Pacific Biosciences Announces $109 Million Financing
7/14/2010 7:28:30 AM
MENLO PARK, Calif.--(BUSINESS WIRE)--Pacific Biosciences, a private company developing a disruptive technology platform for real-time detection of biological events at single molecule resolution, today announced it has completed a Series F round of financing in the amount of $109 million.
The financing round includes a previously announced $50 million strategic investment by Gen-Probe Incorporated, a global leader in the development, manufacture and marketing of rapid, accurate and cost-effective molecular diagnostic products and services.
“These funds will be used to support our operations as we begin ramping production capabilities for the commercial launch of our PacBio RS system,” commented Hugh Martin, Chairman and Chief Executive Officer of Pacific Biosciences. The PacBio RS is the company’s first product, a third generation sequencing system based on its Single Molecule Real Time (SMRT™) platform.
Pacific Biosciences has raised approximately $370 million in capital to date to support the development of its SMRT technology and PacBio RS system. For more information, visit www.pacificbiosciences.com.
About Pacific Biosciences
Pacific Biosciences’ mission is to transform the way humankind acquires, processes, and interprets data from living systems. The company has developed a disruptive technology platform for the real-time detection of biological events at single molecule resolution. Single Molecule Real Time (SMRT™) Biology is designed to revolutionize the life sciences by revealing the underlying networks that define living systems. The first application for the SMRT Biology platform is a paradigm changing approach to DNA sequencing. SMRT technology could ultimately make it possible to sequence individual genomes as part of routine medical care. DNA sequencing is expected to be the first of many transformative SMRT Biology applications that will benefit society by driving radical advances in fields such as personalized medicine, agriculture, clean energy, and global health.