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Genalyte Raises $36M in Funding

NEW YORK (GenomeWeb) – Genalyte said today that it has raised an additional $36 million in a financing round led by investors Khosla Ventures and Redmile Group.

San Diego-based Genalyte will use the funds to further refine its Maverick Detection System, a photonic microring sensor-based platform that the company is developing for rapid blood testing in outpatient settings like doctors' offices.

"We are pleased to see continued commitment from the investor community for cutting-edge technologies in the diagnostics sector," Genalyte Founder and CEO Cary Gunn said in a statement. "Genalyte will be using these funds to fully develop our platform, and to prove performance through additional clinical studies."

This month Genalyte presented data at the American College of Rheumatology annual meeting on the results of two pilot studies evaluating the use of the Maverick platform in rheumatology offices. According to the company, the studies, which looked at around 750 patients over a period of four months, found that the device was able to perform multiplexed testing on whole blood while demonstrating high correlation with conventional testing methods.

The company last year closed a $44 million Series C round led by investors including Khosla Ventures, Redmile Group, Claremont Creek Ventures, and BioMed Ventures.