Navigation Links
Pacific Biosciences Raises $100 Million to Fund Commercial Product Development
Date:7/14/2008

MENLO PARK, Calif., July 14 /PRNewswire/ -- Pacific Biosciences announced today that it has secured $100 million in a Series E private equity financing round. The proceeds will be used to fund the commercial development of the company's innovative single-molecule, real-time (SMRT(TM)) DNA sequencing platform.

The transaction was co-led by Deerfield Capital Management and Intel Capital, Intel Corporation's global investment organization. Other new investors included: Morgan Stanley, Redmile Group, T. Rowe Price, and a large financial institution. All previous investors participated in the financing, including: Mohr Davidow Ventures, Kleiner Perkins Caufield and Byers, Alloy Ventures, Maverick Capital, AllianceBernstein, DAG Ventures, and Teachers' Private Capital.

"With the backdrop of a difficult market, we believe that this substantial investment by our current and new investors validates the promise of our SMRT(TM) technology to change the field of DNA sequencing and spark a true revolution in medical care," said Hugh Martin, chairman and chief executive officer of Pacific Biosciences. "These funds from a combination of key institutional investors as well as Intel, a world class provider of semiconductor technology, will enable us to surge forward with an aggressive development program and stay on track to commercialize our technology in 2010."

Pacific Bioscience's SMRT(TM) technology enables, for the first time, the observation of natural DNA synthesis by a DNA polymerase as it occurs. The technology is distinguished by its long reads, fast run times, and high quality sequence data with less effort and cost compared to other available sequencing technologies. The company believes these advances will lead to a transformation in the field of DNA sequencing that will enable sequencing of individual genomes as part of routine medical care.

About Pacific Biosciences

Pacific Biosciences is a private company based in Menlo Park, California. The company was founded in 2004 with the goal of developing a transformative SMRT(TM) (single molecule real time) DNA sequencing platform that will become the new gold standard for genetic analysis. The SMRT(TM) technology is built upon two key innovations that overcome major challenges facing the field of DNA sequencing. The first is the SMRT(TM) chip, which enables observation of individual fluorophores against a dense background of labeled nucleotides by maintaining a high signal-to-noise ratio. The second are phospholinked nucleotides, which produce a completely natural DNA strand through fast, accurate, and processive DNA synthesis. The company has received an Advanced Sequencing Technology Award grant from the NHGRI (National Human Genome Research Institute) to develop the $1,000 genome. More information is available at http://www.pacificbiosciences.com.


'/>"/>
SOURCE Pacific Biosciences
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. PacificGMP to Merge With Pacific Biopharma Group and Create Innovative US-Compliant cGMP Contract Biomanufacturing Facility in China
2. Pacific Biosciences Acquires Single Molecule Sequencing Technology from LI-COR Biosciences
3. Aton Pharma Announces Distribution Partnership in the Asia Pacific Region
4. BioMed Realty Trust Announces 140,000 Square Foot Lease With DayStar Technologies at Pacific Research Center
5. PacifiCare Capitulates to Latest Patient Revolt
6. Neptune Technologies expands into medicinal markets in Asia Pacific
7. Lucid Expands Support Internationally: Dr. Colin Stahel appointed Director for Asia Pacific Region
8. Verenium Corporation to Present at the Pacific Growth Equities 2007 Clean Technology & Industrial Growth Conference
9. PacificGMP Announces Agreement with BD Biosciences for Cell Banking and cGMP Antibody Manufacturing
10. Ardea Biosciences Advances RDEA806 Into Phase 2a Proof-of-Concept Study for Gout
11. Sangamo BioSciences and Sigma-Aldrich Announce Research and License Agreement With Roche for the Use of ZFN Technology for Generation of Transgenic Animals
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... PHILADELPHIA , June 27, 2016  Liquid ... today announced the funding of a Sponsored Research ... study circulating tumor cells (CTCs) from cancer patients.  ... changes in CTC levels correlate with clinical outcomes ... therapies. These data will then be employed to ...
(Date:6/24/2016)... 24, 2016 Epic Sciences unveiled a ... susceptible to PARP inhibitors by targeting homologous recombination ... The new test has already been incorporated into ... cancer types. Over 230 clinical trials ... pathways, including PARP, ATM, ATR, DNA-PK and WEE-1. ...
(Date:6/23/2016)... ... 23, 2016 , ... Mosio, a leader in clinical research ... Recruitment and Retention Tips.” Partnering with experienced clinical research professionals, Mosio revisits the ... tools, and strategies for clinical researchers. , “The landscape of how patients receive ...
(Date:6/23/2016)... 2016 /PRNewswire/ - FACIT has announced the creation ... biotechnology company, Propellon Therapeutics Inc. ("Propellon" or "the ... a portfolio of first-in-class WDR5 inhibitors for the ... WDR5 represent an exciting class of therapies, possessing ... for cancer patients. Substantial advances have been achieved ...
Breaking Biology Technology:
(Date:5/9/2016)... May 9, 2016 Elevay is ... to expanding freedom for high net worth professionals seeking ... today,s globally connected world, there is still no substitute ... ever duplicate sealing your deal with a firm handshake. ... by taking advantage of citizenship via investment programs like ...
(Date:4/26/2016)... -- Research and Markets has announced the ...  report to their offering.  , ,     (Logo: ... forecast the global multimodal biometrics market to grow ... 2016-2020.  Multimodal biometrics is being implemented ... healthcare, BFSI, transportation, automotive, and government for controlling ...
(Date:4/13/2016)... physicians supporting Medicaid patients in Central Florida ... telehealth thanks to a new partnership with higi.   ... can routinely track key health measurements, such as blood ... they opt in, share them with IMPOWER clinicians through ... location at no cost. By leveraging this data, IMPOWER ...
Breaking Biology News(10 mins):