NEW YORK (GenomeWeb) – Progenity announced today that it has completed a $125 million Series B financing round, comprising equity and debt.
The financing was led by a fund managed by existing investor Athyrium Capital Management.
The company said it plans to use part of the proceeds to accelerate development of its gastrointestinal platform, including precision molecular diagnostics and precision therapeutics for the GI tract, microbiome analytics, and consumer health nutrition. The rest of the funds will be used to enhance the firm's prenatal and broader women's health testing menu and service offerings throughout the US.
"We are grateful for the continued support of our existing investors, and we welcome the new investors to the Progenity team," Progenity Founder and Executive Chairman Harry Stylli said in a statement. "We shall continue to invest in new assets to strengthen our internal innovation and commercial efforts."
Athyrium Managing Partner Jeffrey Ferrell added that the firm's platform and its performance in the women's health market show it has the potential to perform well in the oncology and gastroenterology spaces. "With this financing, we believe that the company will be well capitalized to execute on its internal pipeline and business development opportunities," he said.