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NextCODE Health Launches Operations with Exclusive License to Leverage deCODE genetics' Genomics Platform for Sequence-Based Clinical Diagnostics, and $15 Million in Venture Financing
Date:10/23/2013

CAMBRIDGE, Mass., Oct. 23, 2013 /PRNewswire/ -- NextCODE Health, a new private company enabling accelerated diagnosis of genetic diseases through the use of sequence data, announced today that it has secured an exclusive license for sequence-based clinical diagnostic applications using technology developed by deCODE genetics. The company also secured $15 million in Series A financing from Polaris Partners and ARCH Venture Partners, which will allow NextCODE to rapidly scale the integration of its genomics services into clinical settings.

NextCODE will hold a five-year exclusive license to use the genomics platform developed by deCODE genetics—including IT infrastructure and data analysis capabilities—for sequence-based clinical diagnostic applications . Refined over more than 16 years, the platform is the first system shown to be capable of analyzing individual genomes on a significant scale and has successfully managed nearly half a million genomes and resulted in the publication of more than 350 major peer-reviewed studies and discoveries in scientific and medical journals.

Hannes Smarason, who served as CFO and executive vice president of business and finance of deCODE genetics between 1997 and 2004, has been named CEO of NextCODE. He is joined by deCODE genetics co-founder and former chief scientific officer Jeff Gulcher, M.D., Ph.D., who will serve as president and chief scientific officer of the new company. 

NextCODE is now working with physicians and geneticists to accelerate and expand their ability to diagnose patients through the rapid identification of causative genes and mutations. The company is already generating revenue through service agreements with multiple clinical centers, including Queensland University (Australia), Boston Children's Hospital (U.S.), Newcastle University (U.K.) and Saitama Univers
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SOURCE NextCODE Health
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